Tianfeng Securities Co., Ltd. announced a private placement of 1,498,127,340 A shares at an issue price of the shares issued this time is 80% of the average stock trading price of the 20 trading days before the pricing base date for the gross proceeds of not more than CNY 4,000,000,000 on April 27, 2023. The transaction will include participation from new investor Hubei Hongtai State-owned Capital Investment Operation Group Co., Ltd. The shares shall not be transferred within 60 months from the date of completion of this issuance. The transaction has been approved at the 32nd meeting of the company's fourth board of directors and by the China Securities Regulatory Commission.

The transaction is subject to approval of the Shanghai Stock Exchange.