Jilin Electric Power Co.,Ltd. announced a share subscription agreement to issue not more than 837,062,452 shares for an aggregate gross proceeds of not more than CNY 6,000,000,000 on December 30, 2022. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors and returning investor, State Power Investment Group Jilin Energy Investment Co., Ltd. with 34% of the issuance post completion of the transaction.

The shares State Power Investment Group Jilin Energy Investment Co., Ltd. subscribes to cannot be transferred within 36 months from the issuance closing date and the shares to be issued to other investors shall have a hold period of 6 months from closing of the transaction. The transaction has been approved at the5th and 6th Meetings of the Company?s 9th Directorate held on December 30, 2022. The transaction is still subject to approval from State Power Investment Group Jilin Energy Investment Co., Ltd., the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.