Fujian Green Pine Co., Ltd. announced a private placement of not less than 71,910,113 A shares and not more than 101,123,595 A shares at a price of CNY 4.45 per shares for gross proceeds of not less than CNY 320,000,000 and not more than CNY 450,000,000 on September 15, 2022. The transaction will include participation from Lin Shida. The number of shares not exceeding 30% of the company's total share capital before this issuance.

The shares issued at the par value of par value of CNY 1 per share. The shares subscribed in this issuance shall not be transferred within 18 months from the date of the end of the issuance. The transaction have been reviewed and approved at the 22nd meeting of the fourth board of directors of the company and subject to approval of Shenzhen Stock Exchange and approved by the China Securities Regulatory Commission for registration.

The company has signed a subscription agreement.