Zhenjiang Dongfang Electric Heating Technology Co., Ltd. announced a private placement of A shares for gross proceeds of not more than CNY 300 million on May 23, 2022. The issue price is not lower than 80% of the average trading price of the company's A shares in the 20 trading days before the pricing benchmark date. The transaction will include participation from not more than 35 investors.

All securities issued in the transaction have a hold period of 6 months. The transaction has been approved in the 6th session of the 5th board of directors. The transaction is subject to approval of Shenzhen Stock Exchange and China Securities Regulatory Commission.