Hongrun Construction Group Co., Ltd. announced a private placement to issue not more than 330,750,000 A shares for an aggregate gross proceeds of not more than CNY 1,519,433,700 on January 16, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 (including) specific investors.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been reviewed and approved at the tenth meeting of the board of directors. The transaction is still subject to approval from general meeting of shareholders and China Securities Regulatory Commission.