Luoyang Xinqianglian Slewing Bearing Co.,Ltd. announced a private placement of 31,800,000 shares of class A for gross proceeds of not more than CNY 1,460,000,000 on January 14, 2021. The transaction will include participation from not more than 35 investors. The company will issue shares at issue price not less than 80% of the average price in the 20 trading days before the pricing reference date.

The transaction has been approved at the 2nd meeting of the company's 3rd directorate and subject to approval of the company's shareholders, Shenzhen Stock Exchange, and China Securities Regulatory Commission. The shares to be issued in the transaction shall have a hold period of 6 months from the closing of the transaction.