Zhejiang Ranchuang Turbine Machinery Co., Ltd. announced a placement of common shares for gross proceeds of CNY 130,000,000 on January 13, 2023. The transaction included participation from returning investor, Hangzhou Steam Turbine Power Group Co., Ltd. Through the transaction, the company's registered capital will increase from CNY 25 million to CNY 155 million. This investment does not involve related party transactions.

The transaction has been approved in the 31st meeting of the eight board of directors of Hangzhou Steam Turbine Power Group Co., Ltd. and does not need to be submitted to the general meeting of shareholders for consideration. It still needs the approval of Hangzhou State-owned Assets Supervision and Administration Department or relevant competent authorities.