Anhui Quanchai Engine Co., Ltd. announced a private placement of not more than 110,626,500 A shares for gross proceeds of not more than CNY 750 million on December 25, 2020. The transaction included participation from 35 specific investors, include participation from returning investor, Anhui QuanChai Group Corp. The shares issued shall not be less than 80% of the average trading price of the company's shares on the 20 trading days prior to the pricing base date.

The shares issued should not be more than 30% of company's share capital. The transaction is subjected to China Securities Regulatory Commission approval. The securities issued are subjected to 36 months hold period.