Beibu Gulf Property & Casualty Insurance Co.,Ltd. announced a private placement of 300,000,000 common shares for gross proceeds of not more than CNY 450,000,000 on November 22, 2021. The transaction will involve participation from Guangxi Wuzhou Zhongheng Group Co.,Ltd. The transaction has been approved by the board of directors in its 33rd meeting of the ninth board of directors and the 18th meeting of the ninth board of supervisors and still needs to be approved by the investor's general meeting of shareholders. This transaction still needs to be approved by the China Banking and Insurance Regulatory Commission and other relevant regulatory agencies. There is a certain degree of uncertainty as to whether the company will eventually complete the transaction. Post the closing, the registered capital will increase from CNY 1,500,000,000 to CNY 1,800,000,000.