Jilin Electric Power Co.,Ltd. (SZSE:000875) announced that it has entered into a subscription agreement with for private placement of not more than 643,894,194 A shares for gross proceeds of not more than not CNY 3,000,000,000 on May 31, 2020. The issue price is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period. The transaction will include participation from not more than 35 investors including existing investor State Power Investment Group Jilin Energy Investment Co., Ltd. for 34% stake and China Power Investment Financial Co., Ltd. for CNY 120,000,000. The lock up period of the shares issued to State Power Investment Group Jilin Energy Investment Co., Ltd. and China Power Finance Co.,Ltd. is 36 months and for the other investors is 6 months. The transaction has been approved at the 9th meeting of the 8th directorate of the company and are still subject to the approval of the company's shareholders meeting, State Power Investment Corporation Limited and the China Securities Regulatory Commission.

On June 8, 2020, the transaction was approved by the State Power Investment Corporation Limited.