Xiangtan Electric Manufacturing Corporation Ltd. announced a private placement of up to 346,485,570 A shares for gross proceeds of not more than CNY 3,000,000,000 on January 25, 2022.The issue price will not be less than 80% of the average trading price during the 20 trading days prior to the pricing base date. The transaction will include participation from not more than 35 investors. The shares to be issued will have hold period of 6 months, post the closing.

The transaction has been approved at 10th session of the company's 8th board of directors meeting of the company. The transaction is subject to shareholders' approval, China Securities Regulatory Commission, State Administration of Science, Technology and Industry for National Defence, the State-owned Assets Supervision and Administration Commission of Hunan.