Bank of Hangzhou Co., Ltd. announced a private placement of not more than 900,000,000 A shares at an issue price of not less than 80% of the average price in the 20 trading days before the pricing reference date for the gross proceeds of not more than CNY 12,500,000,000 on June 26, 2023. The transaction will include participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved in the 24th Meeting of the company’s 7th Directorate and is subject to the approvals of the company’s shareholders, the Zhejiang Office of the China Banking and Insurance Regulatory Commission, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.