AAG Energy Holdings Limited announced a private placement to issue shares for gross proceeds of not more than CNY 650,000,000 on June 7, 2021. The shareholding ratio shall not exceed 16% of the issued shares of the company or the upper limit of the increase in shareholding pursuant to the Hong Kong company takeover and merger code and other laws and regulations. The transaction has been approved at the 17th meeting of its third board of directors at which the proposal on increasing securities investment and related transactions in subsidiaries of the company was reviewed and approved and is subject to approval from its shareholder's meeting and the relevant procedures of the national development and reform commission and the ministry of commerce for overseas investment filing must be performed in accordance with prescribed procedures.