Hualing Xingma Automobile (Group) Co., Ltd. (SHSE:600375) announced a private placement of not more than 116,300,000 A common shares at an issue price of CNY 5.98 per share for gross proceeds of not more than CNY 695,474,000 on November 11, 2020. The transaction will involve participation from existing investor, Zhejiang Geely New Energy Commercial Vehicle Group Co., Ltd. The shares issued in the transaction will have a hold period of 18 months from the date of issuance. The transaction has been approved by the board of directors of the company at its third meeting of the company's eighth directorate. The transaction still needs to be approved by its shareholders meeting and approved by the China Securities Regulatory Commission. The validity of the transaction will be 12 months from the date of approval by the company's shareholders' meeting.