Nanning Sugar Industry Co.,Ltd. announced a private placement of not more than 120,095,945 A shares for the gross proceeds of up to CNY 260,000,000 on July 19, 2023. The transaction will include participation from not more than 35 investors. The issuance price is not less than 80% of the average price in the 20 trading days before the pricing reference date.

The shares cannot be transferred within 6 months from the issuance closing date. The transaction was approved by the board of directors of the company at its 4th Extraordinary Meeting of 2023 of the Company?s 8th Directorate, and is subject to the approvals of the Company?s Shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.