Suzhou New District Hi-Tech Industrial Co.,Ltd announced that it has entered into a Conditional Effective Subscription Agreement with the new investor Suzhou SND Group Corporation and private placement to issue not more than 345,387,872 A shares at an issue price of not be lower than 80% of the average stock price of the company in the 20 trading days before the pricing base date for the gross proceeds of not exceeding CNY 1,600,000,000 on May 17, 2023. The transaction will include participation from not more than 35 specific subscribers. The transaction has been reviewed and approved at the 14th meeting of the company's tenth board of directors and still needs to obtain the approval of the competent state-owned assets supervision and management unit and the general meeting of shareholders on this issue, as well as the approval of the Shanghai Stock Exchange and the approval and registration of the China Securities Regulatory Commission before it can be implemented. The stocks subscribed by Suzhou SND Group Corporation shall not be transferred within 36 months from the date of issuance, and the stocks subscribed by other issuing subscribers shall not be transferred within 6 months from the date of completion of the issuance of A shares to specific subscribers. The resolution on the issuance of A shares to specific subscribers is valid for 12 months from the date when the company?s general meeting of shareholders deliberates and approves the plan for issuing A shares to specific subscribers.

On August 15, 2023, the company received the minutes of the 26th meeting of the District Party Working Committee in 2023. The effectiveness and completion of the company?s issuance of A shares to specific Objects still needs to be considered and approved by the company?s shareholders? meeting, submitted to the Shanghai Stock Exchange for review, and approved by the China Securities Regulatory Commission for registration.

On August 16, the company announced that the transaction has been approved during the 2nd extraordinary shareholders meeting.