Xiangtan Electric Manufacturing Co. Ltd. (SHSE:600416) announced that it has entered into a conditional subscription agreement with Hunan Xingxiang Investment Holding Group Co., Ltd. for private placement of not more than 209,117,575 shares at a price of CNY 5.17 per share for gross proceeds of not more than CNY 1,081,137,863 on February 18, 2020. Shares to be issued are subject to lock up of 18 months from issuance. The transaction has been approved by the board of directors at its 22nd meeting of the 7th directorate. The transaction is subject to approval of shareholders, the Hunan Provincial State-owned Assets Supervision and Administration Commission and the State Administration of National Defense Technology and Industry, and the China Securities Regulatory Commission. Payment will be made with 5 says after approval of China Securities Regulatory Commission.