Nanfang Black Sesame Group Co., Ltd. announced that it has entered into subscription agreement for a private placement of is not more than 134,615,384 class A common shares at a price of CNY 2.60 per share for gross proceeds of CNY 349,999,998 on July 30, 2021. The transaction will include participation from Guangxi Rongxian Coastal Real Estate Development Co., Ltd. The shares subscribed must not be transferred within 36 months after the issuance completion date. The transaction was approved by the 3rd session of the company’s 10th directorate for 2021 and still needs to be approved by the company’s shareholders’ meeting and China Securities Regulatory Commission.