Shanghai Chinafortune Co., Ltd. announced a private placement of not more than 318,269,787 shares for gross proceeds of not more than CNY 4,000 million on December 23, 2022. The transaction will include participation from not more than 35 specific investors including returning investor INESA Holding Group and China Fortune Properties (Group) Co.,Ltd. for no less than CNY 100 million and no more than CNY 250 million each. The transaction has been approved at the seventeenth meeting of the tenth board of directors of the company.