China Great Wall Securities Co., Ltd. announced share subscription agreement of 931,021,605 shares for gross proceeds of not more than CNY 10,000,000,000 on July 26, 2021. The issue price shall not be less than 80% of the average price in the 20 trading days before the pricing reference date and share issuance shall not more than 30% of total share capital (3,103,405,351 shares), i.e. 931,021,605 shares. The transaction will include participation from not more than 35 investors including, new investor, Shenzhen Xinjiangnan Investment Co.

for not more than CNY 1,236,000,000, existing investors, Huaneng Capital Services Corporation Ltd. for CNY 2,000,000,000 to CNY 4,637,565,052.53 and Shenzhen Energy Group Co., Ltd. for CNY 300,000,000 to CNY 800,000,000. The shares issued Huaneng Capital Services Corporation cannot be transferred within 60 months from the issuance closing date. The shares Shenzhen Energy Group Co., Ltd., Shenzhen Xinjiangnan Investment Co., and other investors who hold more than 5% stake in the company subscribe to cannot be transferred within 36 months from the issuance closing date.

The shares the other investors subscribe to cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 7th Meeting of the company's 2nd directorate and is subject to the approvals of the shareholders and the China Securities Regulatory Commission.