Guangxi LiuYao Group Co., Ltd announced a private placement of not more than 108,668,493 A shares for gross proceeds of not more than CNY 1,000,000,000 on April 20, 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 at the second meeting of the fifth session of the board of directors of the company. The transaction is still subject to approval from company's general meeting of shareholders, Shanghai Stock Exchange and the China Securities Regulatory Commission.