Guangdong No.2 Hydropower Engineering company, Ltd announced a private placement of not more than 360,678,600 A shares for total gross proceeds of not more than CNY 2,000 million on March 18, 2022. The transaction will include participation from no more than 35 investors. The number of issued shares does not exceed 30% of the total share capital of the company before the transaction.

The pricing reference date will be the first day of issuance. Issue price for the shares to be issued in the private placement shall not be lower than 80% of the average stock price 20 trading days days prior to the first day of the issuance period. The securities to be issued in the transaction will have a lock-up period of six months from the closing of the transaction.

The transaction has been approved by internal decision-making body of Guangdong Construction Engineering Group Holding Co., Ltd. and State-owned Assets Supervision and Administration Commission of Guangdong, the 23rd session of the company's 7th directorate. The transaction is subject to approval by the company shareholders meeting, company's directorate, State-owned Assets Supervision and Administration Commission of Guangdong, China Securities Regulatory Commission. The transaction must pass the concentration review of operators by the Anti-monopoly Bureau of the State Administration for Market Regulation.