Chongqing Fuling Electric Power Industrial Co., Ltd. announced a private placement of not more than 105,369,600 A shares for gross proceeds of not more than CNY 1,880,000,000 on August 14, 2020. The transaction will involve participation from not 35 special investors. The shares to be issued have a par value of CNY 1 per share.

The company will raise funding through the inquiry issuance method. The pricing base date of this offering is the first day of the issue period, and the issue price is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period. The shares to be issued does not exceed 24% of the total share capital of the company before the issuance.

The shares to be issued will have hold period of 6 months. The transaction has been approved by at the 16th meeting of the 7th directorate and ninth session of the seventh board of supervisors of the company, and still needs to be reviewed and approved by the company's board of directors again, by the shareholders meeting, and by the State Grid and China Securities Regulatory Commission. The approval is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.