Guilin Tourism Corporation Limited announced that it has entered into a subscription agreement of not more than 108,030,000 A shares issued at CNY 4.43 per share for gross proceeds of not more than CNY 478,572,900 on October 14, 2020. The transaction will include participation from returning investor Guilin Tourism Development Corporation. The shares issued in the transaction are subject to a hold period of 36 months.

The transaction was approved at the seventh meeting of the sixth board of directors of the company. The transaction is subject to the approval of the State-owned Assets Supervision and Administration Commission of Guilin City, the approval of the company's shareholders meeting and the approval of the China Securities Regulatory Commission.