China Oil HBP Science & Technology Co., Ltd (SZSE:002554) announced that it has entered into a conditional share subscription agreement with Changsha Water Group Co., Ltd. for private placement of not more than 214,000,000 A shares for gross proceeds of up to CNY 800,000,000 on May 9, 2019. The issue price of the shares will be 90% of average price 20 trading days before the pricing reference date. The securities issued will be subject to lock-up period of 36 months. The transaction has been approved by the 8th meeting of the 3rd directorate of the company. The transaction is subject to relevant decision of authorized institution of investor, approval from the state-owned assets supervision and administration commission of Hunan Province, approval from the company’s shareholders, and approval from China Securities Regulatory Commission.