Tibet Development Co., Ltd. announced that it has entered into a share subscription agreement with the investors for the private placement of not more than 79,127,547 A shares at a price of CNY 3.97 per A share for gross proceeds of not more than CNY 314,136,362 on June 15, 2021. The transaction will include participation from Luo Xi for 9,127,547 shares and returning investor, Tibet Shengbang Holding Co., Ltd. for 70,000,000 shares. The shares will be subject to a hold period of 36 months.

The transaction has been approved at the second meeting of the ninth company's board of directors and is subject to approval from its shareholder's and the China Securities Regulatory Commission.