Luoyang Xinqianglian Slewing Bearing Co., Ltd. announced a private placement of CNY 350 million on January 9, 2023. 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.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved by the 23rd session of the companyÆs 3rd directorate and the 17th session of the companyÆs 3rd supervisory board. The transaction is still subject to approval from Shenzhen Stock Exchange and the China Securities Regulatory Commission.