Riyue Heavy Industry Co., Ltd. (SHSE:603218) announced a private placement of 223,139,154 A shares for gross proceeds of CNY 2,800,000,000 on June 22, 2020. The issue price will not less than 80% of the average price in the 20 trading days before the pricing reference date. The share will not be more than 30% of total share capital and will be issued to not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 2nd meeting of the company's 5th directorate and is subject to the approvals of the shareholders at its 2nd special shareholders' meeting of 2020 to be held on July 9, 2020, and the China Securities Regulatory Commission.