Guangdong Golden Dragon Development Inc. announced that it has entered into conditional share subscription agreement and it will issue not more than 264,000,000 shares at an issue price of CNY 10.44 per share for gross proceeds of not more than CNY 2,756,160,000 on June 9, 2023. The transaction will include participation from new individual investor, Yang Zhimao. The issue price shall not be lower than 80% of the company’s average stock trading price in the 20 trading days prior to the pricing base date.

% (Average stock trading price of the company in the 20 trading days before the base pricing date equal total stock trading volume in the 20 trading days before the base pricing date / total stock trading volume in the 20 trading days before the base pricing date. If the company's stock shares are distributed between the pricing base date and the issue date, the capital reserve is converted into share capital, or the company's total share capital changes before the issue and the issue price is adjusted due to other reasons, then the issue to specific subscribers. The cap on the number of shares will be adjusted accordingly.

The investor subscribes for the shares issued by the company in cash and cannot be transferred within 18 months from the date of completion of the issuance. The transaction has been reviewed and approved at the twenty-second meeting of the ninth session of the board of directors of the company and must be reviewed and approved by the company's general meeting of shareholders. The transaction is still needs to be approved by the Shenzhen Stock Exchange and approved by the China Securities Regulatory Commission before it can be implemented.