Funeng Oriental Equipment Technology Co., Ltd. announced that it has signed a share subscription agreement of not more than 127,226,463 shares at an issue price of CNY 3.93 per share for a gross proceeds of CNY 500,000,000 on February 20, 2023. The transaction will include participation from returning investor, Foshan Investment Holding Group Co., Ltd. for 127,226,463 shares. The shares will have a lock up period of 36 months since issuance closing date.

The transaction has been approved by the 32nd meeting of the company?s 5th directorate and the 21st meeting of the 2nd supervisory board. The transaction is subjected to the approval of company?s shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.