GCL-Poly Energy Holdings Limited (SEHK:3800) announced a private placement at best effort basis of up to 3,900,000,000 common shares at HKD 1.08 per share for gross proceeds of HKD 4,212,000,000 on January 14, 2021. The company has signed a purchase agreement in the transaction. The shares will be issued to not less than six placees which includes any professional, institutional and other investors. The shares to be issued represent 15.57% of the enlarged issued share capital. The securities issued in the transaction has up to 90 days lock up period. The transaction is subject to approval from the Stock Exchange and board of the company and does not require shareholder approval. The transaction is expected to close on or before January 21, 2021.