Hunan Corun New Energy Co., Ltd. announced a private placement to issue not more than 499,156,024 A shares for gross proceeds of not more than CNY 1,606,731,200 on July 21, 2023. The transaction will include participation from no more than 35 investors. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date.

The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 32nd meeting of the company?s 7th directorate and is subject to the approvals of the company?s shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.