Spring Airlines Co., Ltd. announced a private placement of not more than 274,938,813 A shares for gross proceeds of not more than CNY 3,500,000,000 on June 4, 2021. The transaction will include participation from not more than 35 specific investors. The number of A shares to be issued under the issuance shall not exceed 30% of the total share capital of the company before the issuance.

The issuance price is calculated at 80% of the average price of the stock trading on the 20 trading days before June 4, 2021. The transaction needs to be reviewed and approved by the shareholders of the company, China Securities Regulatory Commission and from Eastern China Regional Administration of Civil Aviation of China. The transaction has been approved in the sixth meeting of the fourth board of directors of the company.

The transaction has been valid for 12 months from the date of approval.