Ningbo Lehui International Engineering Equipment Co.,Ltd (SHSE:603076) announced a private placement transaction of not more than 22,350,000 Class A common shares to be issued for gross proceeds of not more CNY 418,000,000 on March 14, 2020. The transaction will include participation from not more than 35 designated investors. The pricing reference date will be the first day of issuance.

Issue price for the shares to be issued in the private placement shall not be lower than 80% of the average stock price 20 trading days before the pricing reference date. The securities to be issued in the transaction will have a lock-up period of six months after issuance completion date. The transaction has been approved by the company's 2nd directorate in its 10th meeting and 7th Meeting of the 2nd supervisory board.

The transaction is subject to approval from the company's shareholders and from China Securities Regulatory Commission.