China CIFCO Investment Co., Ltd announced a private placement for gross proceeds of not more than CNY 3,000,000,000 by issuing not more than 30% of total share capital to not more than 35 investors on July 2, 2023. The shares will be priced at not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved in the 11th meeting of the company’s 8th directorate. The transaction is subject to approval from company’s shareholders’; the Shenzhen Stock Exchange; and the China Securities Regulatory Commission’s approval.