Zhuhai Huafa Properties Co.,Ltd announced a private placement to issue not more than 635,000,000 shares at an issue price of not be lower than 80% of the company's stock trading average price in the 20 trading days prior to the pricing base date for an aggregate gross proceeds of not more than CNY 6,000,000,000 on December 5, 2022. The transaction will include participation from Zhuhai Huafa Group Co.,ltd. for CNY 3,000,000,000 representing 28.49% stake in the company. The transaction will include participation from no more than 35 investors.

The transaction has been approved at the 23rd meeting of the 10th board of directors and the 11th meeting of the 10th board of supervisors.