Lufeng Baolihua New Energy Electric Power Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 1,566,000,000 on October 27, 2022. After the capital increase is completed, the registered capital of company will increase from CNY 3,385,018,000 to CNY 4,951,018,000, and the company will still hold 100% of its equity. The transaction has been approved and reviewed by the board in its eighth meeting of the ninth board of directors of the company.

The transaction will include participation from returning investor, Guangdong Baolihua New Energy Stock Co., Ltd.