Shanghai Yahong Moulding Co., Ltd. announced that it has entered into agreement for a private placement of 30,800,000 A shares at a price of CNY 10.93 per share for gross proceeds of CNY 336,644,000 on November 30, 2020. The shares cannot be transferred within 36 months from the issuance closing date. Post to the closing, Hainan Ningsheng Tourism Group Co., Ltd. will hold 51,800,000 shares for 30.33% stake.

The transaction has been approved at the 11th meeting of the 3rd board of supervisors and the 12th meeting of the 3rd directorate of the company. The transaction is subject to the company's shareholders meeting and the China Securities Regulatory Commission.