Jiangsu Xugong Construction machinery Lease Co.,Ltd announced a private placement at a price of CNY 1.150744 per share for a gross proceeds of CNY 1,534,321,231 on January 13, 2023. The transaction will include participation from new investor, XCMG Construction Machinery Co., Ltd. with 40% stake post completion of the transaction. The transaction has been approved by the fourth meeting of the ninth board of directors.