Western Superconducting Technologies Co., Ltd. announced a private placement of not more than 50,000,000 A shares for the gross proceeds of not more than CNY 2,013,000,000 on July 7, 2021. The transaction will include participation from not more than 35 investors. The issue price not less than 80% of the average price in the 20 trading days before the pricing reference.

The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved at 23rd meeting of the company's 3rd directorate and the 16th meeting of the 3rd supervisory board. The transaction is subject to the approvals of the State-owned Assets Approval Process, the company's shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.