Ningbo Shenglong Automotive Powertrain System Co., Ltd. announced private placement of not more than 60,341,700 A shares for gross proceeds of no more than CNY 443,820,000 on March 1, 2021. The company will issue shares at a price of not lower than 80% of the median market price of the company’s shares as of 20 previous days to issuance date. The transaction will include participation from no more than 35 specific investors including existing shareholder Ningbo Shenglong Group Co., Ltd. to subscribe for no less than 10% and no more than 50% of total issue. The transaction has been approved by the 5th meeting of the 5th directorate and 3rd meeting of the 5th board of supervisors. The transaction is subject to approval of company's shareholders in its 1st special shareholders meeting of 2021, and the China Securities Regulatory Commission. The shares issued are subject to a hold period of 18 months from the date of issuance.