Zhejiang China Light&Textile Industrial City Group Co.,Ltd entered into a share subscription agreement for issuance of not more than 439,737,000 A shares for gross proceeds of not more than CNY 2,000,000,000 on August 11, 2023. The transaction will include participation from not more than 35 investors including returning investor, Keqiao Development and Operation Group Company Limited subscribing for not less than CNY 100,000,000. The shares to be issued to Keqiao Development and Operation Group Company Limited cannot be transferred within 36 months from the issuance closing date.

The shares to be issued to the other investors subscribe to cannot be transferred within 6 months from the issuance closing date. The transaction has been approved at the 21st meeting of the company?s 10th directorate. The transaction is subject to the approval of the company?s shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.