Shanghai Huafon Aluminium Corporation announced a private placement of not more than 299,559,180 A shares for gross proceeds of not more than CNY 1,000,000,000 on February 11, 2022. The issue price will be not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period. The transaction will include participation from not more than 35 investors.

The shares issued are subject to lock up period of 6 months from issuance. The transaction has been approved at the 14th meeting of the 3rd directorate and is subject to approval from shareholders and the China Securities Regulatory Commission.