Zhanjiang Guolian Aquatic Products Co., Ltd. announced a private placement of not more than 273,687,694 A shares for gross proceeds of not more than CNY 1,000,000,000 on September 8, 2021. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from 35 investors and each investor can subscribe to not more than 12% stake.

All securities issued in the transaction have a hold period of 6 months. The transaction has been approved in the 7th meeting of the 5th directorate and is subject to the approvals of the company's shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.