Zhengping Road & Bridge Construction Co.,Ltd. announced a private placement of not more than 200,000,000 A shares for a gross proceeds of not more than CNY 580 million on March 15, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved by the tenth meeting of the fourth board of supervisors and 16th meeting of the 4th board of directors. The transaction is still subject to approval from shareholders, Shenzhen Stock Exchange and the China Securities Regulatory Commission.