Chongqing Zongshen Aero Engine Manufacturing Co., Ltd. announced that it has entered into a capital increase agreement for a private placement of not more than 7,000,000 common shares for gross proceeds of not more than CNY 200,000,000 on March 23, 2023. The transaction will include participation from not more than 7 investors, including existing investor, Chongqing Zongshen Power Machinery Co.,Ltd. The round is raised at a pre-money valuation of CNY 2,000,000,000. The transaction has been approved at the fourth meeting of the 11th Board of Directors of Chongqing Zongshen Power Machinery Co.,Ltd.