Zhejiang Fuchunjiang Environmental Thermoelectric Co.,LTD. announced a private placement of not more than 259,500,000 A shares to be issued at a price of CNY 4.53 per share for gross proceeds of not more than CNY 880,000,000 on December 30, 2022. The transaction will include participation from returning investor Nanchang Municipal Public Investment Holding Group Co.,Ltd. After completion of the transaction, the investor will hold no less than 34% of the company's shares. The resolution of this issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.

The securities to be issued in the transaction will have a lock-up period of 36 months after issuance completion date. The transaction has been reviewed and approved by the 19th meeting of the fifth board of directors of the company. The transaction still needs to be approved by the competent state-owned assets examination and approval unit, by the company's shareholders' meeting and by the China Securities Regulatory Commission before it can be implemented.