Shanghai Liangxin Electrical Co., Ltd. announced a private placement of not more than 203,824,730 A shares for gross proceeds of no more than CNY 1,580,000,000 on July 2, 2021. The company will issue shares at a price of not lower than 80% of the median market price of the company's shares as of 20 previous days to issuance date. The transaction will include participation from no more than 35 specific investors.

The transaction has been approved by the board of directors of the company at its the 21st Meeting of the Company's 5th Directorate. The transaction is subject to approval from company's shareholders meeting and China Securities Regulatory Commission. The shares issued are subject to a hold period of 6 months from the date of issuance.