Linzhou Heavy Machinery Group Co.,Ltd announced that it has signed the Share Subscription Agreement and private placement to issue not more than 240,000,000 A shares at an issue price of CNY 2.49 per share for the gross proceeds of CNY not more than CNY 597,600,000 on April 27, 2023. The transaction will include participation from returning individual investor Guo Hao who have subscribed for all the shares. The shares cannot be transferred within 36 months from the issuance closing date.

The Company?s total share capital is 801,683,074 shares and Guo Hao holds 6,475,200 shares. The transaction has been approved in the 23rd (Extraordinary) Meeting of the Company?s 5th Directorate and the 21st (Extraordinary) Meeting of the 5th Supervisory Board and is subject to the approvals of the Company?s Shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.