Can the new shares placed by Changbaishan institutions be sold on the day of listing?

Yes, all 66.67 million shares issued this time were listed and circulated on the day of listing. For details, please refer to the "Changbaishan Initial Public Offering and Listing Announcement"

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Changbaishan: Initial Public Offering Announcement

1. Stock Issuance Listing Review Status

(1) Legal Basis for Preparing the Listing Announcement

This listing announcement is based on the Company Law of the People's Republic of China and the "Company Law of the People's Republic of China". *The Securities Law of the People's Republic of China and the "

Shanghai Stock Exchange Stock Listing Rules" and other relevant laws and regulations, in accordance with the Shanghai Stock Exchange's "Stock Listing

Announcement Content and Format Guidelines "(revised in 2013) was compiled to provide investors with basic information on the company's initial public offering of A shares.

(2) Approval department and document number of stock issuance

The company’s initial public offering of stocks has been approved by the China Securities Regulatory Commission, Zhengjian Xu [2014] No. 674

(3) Document number of the exchange’s approval of the stock listing document

The company’s initial public offering of shares has been approved by the Shanghai Stock Exchange’s Self-Regulatory Supervision Decision [2014] No. 488

II , stock listing related information

(1) Listing location: Shanghai Stock Exchange

(2) Listing time: August 22, 2014

(3) ) Stock abbreviation: Changbaishan

(4) Stock code: 603099

(5) Total share capital after this public offering: 266.67 million shares

(6 ) The number of shares in this public offering: 66.67 million shares

(7) The number of shares in this listing without circulation restrictions and lock-up arrangements: 66.67 million shares

(8) Issuance Circulation restrictions and deadlines for shares held by former shareholders:

(1) The company’s controlling shareholder Jilin Changbaishan Development and Construction (Group) Co., Ltd. promises

“In addition to the public disclosures involved in this issuance, Except for the shares for sale, the company will not transfer or entrust others to manage the company within thirty-six months from the date when Changbaishan Tourism shares are listed on the Shanghai Stock Exchange

(hereinafter referred to as the 'lock-up period')

The Changbaishan Tourism shares held by Changbaishan Tourism will not be repurchased by the company.

The company promises that within 6 months after the listing of Changbaishan Tourism. If the closing price of Changbai Mountain Tourism stocks for 20 consecutive trading days is lower than the issue price, or the closing price at the end of the 6 months after listing is lower than the issue price, the company holds Changbai Mountain Tourism

< p>The above-mentioned lock-up period of the shares is automatically extended for 6 months.

The company intends to hold the above-mentioned lock-up period (including the extended lock-up period according to this commitment letter) for a long time. ) within two years after the expiration, when the company reduces its holdings of Changbai Mountain Tourism shares, the reduction price will not be lower than the issue price (referring to the issuance price of Changbai Mountain Tourism's initial public offering stock). If ex-rights or ex-dividends are carried out due to reasons such as cash dividends, bonus shares, conversion to share capital, issuance of new shares, etc., they will be treated as ex-rights and ex-dividends in accordance with the relevant regulations of the stock exchange), and

an annual deduction will be made. The total number of shares held shall not exceed 20% of the total number of shares registered in the name of the company on the last trading day of the previous year; after the expiration of the above two-year period, when the company reduces its holdings of Changbaishan Tourism shares, The reduction price should comply with relevant regulations such as the "Interim Measures for the Administration of the Transfer of Shares of Listed Companies held by State-owned Shareholders".

When the company reduces its holdings of Changbai Mountain Tourism shares, it will issue relevant announcements through Changbai Mountain Tourism three trading days in advance.

If the company fails to fulfill the above commitments, the company will publicly explain the specific reasons for not fulfilling the commitments at the Changbaishan Tourism Shareholders' Meeting and the disclosure media designated by the China Securities Regulatory Commission.

Investors apologize and the Changbai Mountain Tourism shares held by the company shall not be reduced within 6 months from the date when the company fails to fulfill the above commitment. ”

(2) Commitment from the company’s shareholder China Jilin Forestry Industry Group Co., Ltd.

“In addition to the public offering shares involved in this issuance, since Changbai Mountain Tourism stocks are traded on the Shanghai Securities Within twelve months from the date of listing

(hereinafter referred to as the 'lock-up period'), the company will not transfer or entrust others to manage the Changbai Mountain Tourism shares held by the company. Nor will Changbai Mountain Tourism repurchase the Changbai Mountain Tourism shares held by the Company.

Within two years after the expiration of the above-mentioned lock-up period (including the extended lock-up period according to this commitment letter), when the company reduces its holdings of Changbai

Shan Tourism shares, the reduction price will not be low. At the issue price (referring to the issue price of Changbai Mountain Tourism’s initial public offering of stocks

, if there is an ex-rights or ex-dividend due to distribution of cash dividends, bonus shares, conversion to share capital, issuance of new shares, etc. after listing,

In accordance with the relevant regulations of the stock exchange, the total number of shares reduced each year shall not exceed the total number of shares registered in the name of the company on the last trading day of the previous year

20%; after the expiration of the above two-year period, the company

when reducing its holdings of Changbaishan Tourism shares, the reduction price should comply with the "Interim Management of the Transfer of Shares of Listed Companies held by State-owned Shareholders"

Measures and other relevant regulations.

When the company reduces its holdings of Changbai Mountain Tourism shares, it will issue relevant announcements through Changbai Mountain Tourism three trading days in advance.

If the company fails to fulfill the above commitments, the company will publicly explain the specific reasons for not fulfilling the commitments at the Changbaishan Tourism Shareholders' Meeting and the disclosure media designated by the China Securities Regulatory Commission.

Investors apologize and the Changbai Mountain Tourism shares held by the company shall not be reduced within 6 months from the date when the company fails to fulfill the above commitment. ”

(3) The company’s shareholder Changbaishan Forest Industry Group Co., Ltd. promises

“In addition to the public offering shares involved in this issuance, since Changbaishan Tourism stocks are listed on the Shanghai Stock Exchange

Within twelve months from that date, the company will not transfer or entrust others to manage the Changbai Mountain Tourism shares held by the company, nor will Changbai Mountain Tourism repurchase the shares held by the company. Changbaishan Tourism Co., Ltd. ”

(4) The company’s actual controller, the Changbai Mountain Protection and Development Zone Management Committee of Jilin Province, promises

“In addition to the public offering shares involved in the initial public offering, since Changbai Mountain Tourism stocks are sold in Shanghai Stock Exchange

Within thirty-six months from the date of listing on the stock exchange, Jilin Province Changbaishan Development and Construction (Group) Co., Ltd., a shareholder of the issuer that is not controlled by our unit, will be transferred Or entrust others to manage the shares issued before the issuer's initial public offering, nor allow the issuer to repurchase those shares.

”

(9) Stock registration agency: China Securities Depository and Clearing Co., Ltd. Shanghai Branch

(10) Listing sponsor: Essence Securities Co., Ltd.