Hengyi Petrochemical Co., Ltd. announced that it has entered into agreement for a private placement of not more than 250,836,120 A shares for the gross proceeds of not more than CNY 1,500,000,000 on February 7, 2023. The transaction will include participation from returning investor Zhejiang Hengyi Group Co.,Ltd. The transaction has been approved by the 26th meeting of the 11th directorate and is subject to the approvals of the Company?s Shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission. The shares cannot be transferred within 36 months from the issuance closing date.