Sineng Electric Co.,Ltd. announced a private placement of not more than 71,283,146 A shares for gross proceeds of not more than CNY 2,550,000,000 on May 18, 2023. The issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors.

The shares have a hold period of 6 months from the issuance closing date. The transaction has been approved in the 17th meeting of the company's third directorate, and is subject to the approvals of the company's shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.