Xi'an Tourism Co., Ltd. announced a private placement to issue 71,024,370 A shares at an issue price of not less than 80% of the average price in the 20 trading days before the pricing reference date for the gross proceeds of not more than CNY 600,000,000 on January 12, 2024. The transaction will include participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved in the 1st Extraordinary Meeting of 2024 of the Company?s 10th Directorate, and the 1st Extraordinary Meeting of 2024 of the 10th Supervisory Board and is subject to the approvals of the Company?s Shareholders, the state-owned assets management department, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.