Huaming Power Equipment Co.,Ltd (SZSE:002270) announced that it has signed contract for private placement of 181,347,150 common shares at a price of CNY 3.86 per share for the gross proceeds of CNY 699,999,999 on February 24, 2021. The transaction will include participation from Shanghai Huaming Power Development Co., Ltd. The transaction has been approved in 15th meeting of the 5th directorate. The transaction is subject to approval of shareholders meeting and the China Securities Regulatory Commission. The lock-up period is 36 months. The shares carry a par value of CNY 1 each.