JSTI Group announced that it has entered into a share subscription agreement for a private placement of not more than 291,421,794 shares at a price of CNY 8.20 per share for gross proceeds of not more than CNY 2,389,658,710.8 on August 21, 2020. The transaction will include participation from new investor Guangzhou Pearl River Enterprises Group Ltd. The transaction has been approved at the 18th meeting of the its 4th directorate, the 13th meeting of its 4th supervisory board and is subject to the approvals of the shareholders meeting, the State-Owned Assets Departments, the Anti-monopoly Bureau of the State Administration for Market Regulation, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission. All securities issued will be subject to a hold period of 36 months from the issuance closing date.