CNHTC Jinan Truck Co., Ltd. (SZSE:000951) announced a private placement of not more than 168,111,600 A shares at a price not lower than 80% of the average price of the company's stock trading on the 20 trading days prior to the pricing base date which is the first day of the issuance period for gross proceeds of not more than CNY 7,000,000,000 on September 25, 2020. The transaction will include participation from not more than 35 specific investors. The transaction has been approved in the eighth session of the board of directors at the fourth interim meeting in 2020 of the company and is subject to approval in the company's shareholders meeting, the relevant state-owned assets supervision and administration authority and by the China Securities Regulatory Commission. The shares to be issued are subject to a hold period of six months from the date of closing of the transaction.

On September 28, 2020, the company announced that it will hold its 5th extraordinary general meeting of 2020 on October 12, 2020 to approve the transaction.