Lily Group Co., Ltd. announced a private placement to issue not more than 95,000,000 shares at an issue price of CNY 12.39 per share for gross proceeds shall not exceed CNY 1,177,050,000 on October 21, 2022. The transaction will include participation from individual investor, Chen Lirong. The transaction has been reviewed and approved by the board of directors at the sixth meeting of the fourth session of the board of directors of the company.

The transaction is still subject to approval from shareholders of the company, Shanghai Stock Exchange and China Securities Regulatory Commission. The shall not be transferred within 18 months from the date of the end of this offering.