Tibet Urban Development and Investment Co.,LTD announced a private placement of 245,898,200 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 999,999,866 on March 20, 2023. The transaction will include participation from not more than 35 investors. The transaction has been approved in the 11th Extraordinary Meeting of the Company?s 9th Directorate and is subject to the approvals of the Company?s Shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.

The shares cannot be transferred within 6 months from the issuance closing date.