Steyr Motors Corp. (SZSE:000760) announced a private placement of 167,224,077 A common shares at no less than CNY 14.95 per share for gross proceeds of up to CNY 2,499,999,951.15 on December 15, 2015. The transaction will include participation from Dongying Dahui Power Equipment Co., Ltd. for 80,267,558 shares, Ningbo Yuanjing Equity Investment Partnership Enterprise (Limited Partnership) for 3,344,481 shares, Ningbo Tianji Equity Investment Partnership Enterprise (Limited Partnership) for 30,100,334 shares, Ningbo Fengqing Equity Investment Partnership Enterprise (Limited Partnership) for 26,755,852 shares, and Ningbo Baiqing Equity Investment Partnership Enterprise (Limited Partnership) for 26,755,852 shares.

The transaction is subject to the China Securities Regulatory Commission's approval. The transaction has been approved at the 3rd meeting of the 9th directorate. The shares have a lock up period of 36 months.