Shaanxi Construction Machinery Co.,Ltd announced that it has signed a share subscription agreement for a private placement of not more than 264,000,000 A shares at a price of CNY 4.79 per share for gross proceeds of not more than CNY 1,264,560,000 on December 22, 2023. The transaction will include participation from returning investor Shaanxi Coal and Chemical Industry Group Co.,Ltd.. Prior to the transaction, the returning investor Shaanxi Coal and Chemical Industry Group Co.,Ltd. holds 29.58% stake in the company.

The securities issued in the transaction are subject to 36 months hold period from the date of closing. The transaction has been approved by the board of directors of the company at its 31st meeting of the company?s 7th Directorate, and is subject to the approvals of the shareholders of the company, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.