Xinjiang Qingsong Building Materials and Chemicals (Group) Co.,Ltd. announced that it has signed a conditional share subscription contract for private placement of not exceeding 214,511,041 A shares at a price of CNY 3.17 per share for gross proceeds not exceeding CNY 680,000,000 with existing investor is Alaer Tongzhong State-Owned Assets Management Co., Ltd on February 28, 2022. The transaction has been approved by the board of directors of the company at its fifth meeting of the seventh session of the board of directors. The transaction is subject to approval from company's shareholders meeting and China Securities Regulatory Commission.

The shares issued are subject to a hold period of 36 months from the date of issuance. The transaction will be valid for 12 months since approval from the shareholders' meeting of the company.