Anshan Heavy Duty Mining Machinery Co., Ltd. (SZSE:002667) announced a private placement of not more than 69,339,600 A shares at a issue price of CNY 4.94 for gross proceeds of not more than CNY 342,537,624 on March 9, 2021. The transaction included participation from returning investor Shanghai Lingyi Technology Co., Ltd. for 41.48 % stake post transaction, pre transaction it has 23.93% stake in the company. The securities issued are subjected 36 months hold period.

The transaction was approved by board of directors in 2nd session of the company in its 6th directorate. The transaction is subjected to China Securities Regulatory Commission and shareholders approval.