GCL Energy Technology Co., Ltd. announced a private placement of not more than 405,738,393 A shares for a price not less than 80% of the average price in the 20 trading days before the pricing reference date for gross proceeds of not more than CNY 5,000,000,000 on June 10, 2021. The transaction will involve participation from not more than 35 investors. The number of shares to be issued is not more than 30% of the company's total share capital.

The securities issued in the transaction cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 35th meeting of the company's 7th directorate, and is subject to the approvals of the shareholders and the China Securities Regulatory Commission.