Zhuhai Enpower Electric Co.,Ltd. announced that it has entered into a memorandum of understanding with Continental Holding China Co., Ltd for a private placement of not more than 11,340,000 A shares at a price not be less than 80% of the average trading price of the company's stocks on the 20 trading days prior to the pricing base date which is the first day of the issuance period for gross proceeds of up to CNY 976,315,800 on November 4, 2021. The number of investors for the issuance of stocks to specific objects does not exceed 35. The number of shares will not exceed 15% of total shares.

The shares subscribed may not be transferred within 6 months from the date of the end of the issuance. The transaction has been approved by the third meeting of the company's third board of directors. The issuance of stocks still needs to be approved by the company's shareholders meeting, by the Shenzhen Stock Exchange, and by the China Securities Regulatory Commission before it can be implemented.