Sinopec Oilfield Equipment Corporation announced that it expects to receive CNY 1 billion in funding from Sinopec Group Capital Co., Ltd. and other investors

Sinopec Oilfield Equipment Corporation announced that it has entered into share subscription agreement for a private placement of not more than 233,281,499 A shares for gross proceeds of not more than CNY 1,000,000,000 on February 18, 2021. The shares will be issued at not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will involve participation from not more than 35 investors including Sinopec Group Capital Co., Ltd. for 15-20% of the issuance.

The shares to be subscribed by Sinopec Group Capital Co., Ltd. cannot be transferred within 18 months from the issuance closing date. The shares other investors subscribe to cannot be transferred within 6 months from the issuance closing date.