Jiangyin Hengrun Heavy Industries Co., Ltd announced a private placement of 61,152,000 A shares at a price of CNY 26.24 per share for the gross proceeds of CNY 1,604,628,480 on January 27, 2021. The transaction will include participation from Jining City Urban Construction Investment Co., Ltd. The transaction has been approved by seventh meeting of the fourth board of directors of the company and the State-owned Assets Supervision and Administration Commission of Ningxia. The transaction is subject to approval by shareholders meeting, the Anti-Monopoly Bureau of the State Administration for Market Regulation and by the China Securities Regulatory Commission. The investor has signed conditions for effective share subscription contract with the company. If ex-rights and ex-dividend events such as dividends, bonuses, and capitalization of capital reserves occur during the period from the pricing base date of this issuance to the issuance date, the issue price of the transaction will be adjusted accordingly. The shares issued in the transaction carry a lock up period of 18 months since issuance date. The resolution of stocks is valid for 12 months from the date of approval by the shareholders' meeting of the company.