PNC Process Systems Co., Ltd. announced a private placement of not more than 96,029,542 A shares, par value CNY 1 each, for gross proceeds of not more than CNY 1,800,000,000 on December 8, 2022. The transaction will include participation from not more than 35 special investors including, all subscribe in cash. The pricing base date of this non-public offering is the first day of the issue period, and the issue price is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period.

The lock-up period for the securities issued is 6 months. The transaction has been approved by the board of directors of the company at the twenty-seventh meeting of the fourth board of directors of the company. The transaction still need to be considered and approved by the company's general meeting of shareholders, and can only be implemented after being approved by the China Securities Regulatory Commission.