Qingdao Tianneng Heavy Industries Co.,Ltd announced a private placement of not more than 239,215,876 common shares for gross proceeds of not more than CNY 2,070,000,000 on March 18, 2022. The transaction will include participation from not more than 35 investors. The transaction has been approved at the 18th meeting of the company's fourth board of directors, at the company's general meeting of shareholders, by the Shenzhen Stock Exchange and the China Securities Regulatory Commission, and still need to be approved by the competent state-owned assets department.

On October 25, 2022, Shenzhen Stock Exchange accepted the application with respect to the transaction via Acceptance [2022] No. 517.