Guangzhou Pearl River Development Group Co., Ltd. entered into a share subscription agreement for issuance of not more than 256,038,216 A shares at a price of CNY 2.92 per share for gross proceeds of not more than CNY 747,631,600 on November 6, 2023. The transaction included participation from returning investor Guangzhou Pearl River Enterprises Group Ltd. The shares cannot be transferred within 36 months from the issuance closing date. The transaction has been approved at the 4th meeting of 2023 of the company?s 11th directorate, and is subject to the approvals of the company?s shareholders, the competent state-owned assets supervision unit or the state-funded enterprise, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.