Shanghai New Huang Pu Industrial Group Co., Ltd. announced a private placement of not more than 202,019,035 A shares for gross proceeds of not more than CNY 1,700,000,000 on January 6, 2023. The transaction will include participation from not more than 35 investors. The issue price will not be 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 company's 1st extraordinary meeting of 2023 of the 9th directorate, and is subject to the approvals of the company's shareholders and the China Securities Regulatory Commission.