Fujian Yongfu Power Engineering Co., Ltd. announced a private placement of not more than 54,631,200 common shares for gross proceeds of no more than CNY 600,000,000 on July 29, 2021. The company will issue shares at a price of not lower than 80% of the median market price of the companys shares as of 20 previous days to issuance date. The transaction will include participation from no more than 35 specific investors including Chairman and General Manager of the company Lin Yiwen, who will subscribe for not less than CNY 50,000,000 and not more than CNY 100,000,000. The transaction has been approved by the board of directors of the company at its 25th session of the companys 2nd directorate. The transaction is subject to approval from companys shareholders meeting, Shenzhen Stock Exchange and China Securities Regulatory Commission. The shares subscribed by Lin Yiwen are subject to a hold period of 18 months and the shares subscribed by other investors are subject to a hold period of 6 months from the date of issuance.