Huaming Power Equipment Co.,Ltd announced that it has entered into a purchase agreement with existing investor Shanghai Huaming Power Development Co., Ltd. for not more than 131,233,595 A shares at a price of CNY 3.81 per share for gross proceeds of not more than CNY 500,000,000 on July 13, 2021. The shares subscribed must not be transferred within 36 months after the issuance completion date. The transaction was approved by the 18th session of the company’s 5th directorate. The transaction is subject to the approval of company’s shareholders’ meeting and China Securities Regulatory Commission.