Changbai Mountain Tourism Co., Ltd. announced a private placement of not more than 80,001,000 A shares for gross proceeds of not more than CNY 500,000,000 on April 15, 2022. The issue price should not be less than 80% of the average price in the 20 trading days before the pricing reference date. 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 41st meeting of the company's 3rd directorate, and and the 39th meeting of the 3rd supervisory board, and is subject to the approvals of the state-owned assets supervision and administration department, the company's shareholders, and the China Securities Regulatory Commission.