Wuxi NCE Power Co., Ltd. announced a private placement to issue not more than 14,168,000 A shares for gross proceeds of not more than CNY 1,450,000,000 on November 11, 2021. The round will see participation from not more than 35 investors. The issue price is not less than 80% of the average price of the company's stock during the 20 trading days prior to the pricing base date.

The shares issued in the transaction is subject to a lock up period of 6 months from the closing of the transaction. The transaction has been approved by the board of directors of the company at the 18th Meeting of the 3rd directorate, at the 12th Meeting of the 3rd Supervisory Board and is subject to the approvals of the Company's Shareholders and the China Securities Regulatory Commission.