China Enterprise Company Limited announced a private placement of not more than 1,828,840,575 A shares for gross proceeds of not more than CNY 4,500,000,000 on June 2, 2023. The transaction will include participation from not more than 35 investors. The issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date.

The transaction has been approved in the 13th meeting of the company's 10th directorate and the 10th meeting of the 10th supervisory board and is subject to the approvals of the company?s shareholders, the Authorized State-owned Assets Supervision and Administration Organization, the Shanghai Stock Exchange, and the China Securities Regulatory Commission. The securities have a hold period of 6 months from the issuance closing date.