Xinyi Energy Holdings Limited (SEHK:3868) entered into a placing agreement to issue 357,520,000 common shares at the price of HKD 2.5 per share for gross proceeds of HKD 893,800,000 on September 12, 2020. The transaction will include participation from existing investor China Life Insurance (Group) Company who will subscribe 125,020,000 shares for HKD 312,550,000 and new investor Hillhouse Capital Advisors, Ltd. who will acquire 232,500,000 shares for HKD 581,250,000. The total number of placing shares represent approximately 5.29% of the existing issued share capital of the company and approximately 5.03% of the issued share capital of the company. The net proceeds of the company would be HKD 893,200,000. The transaction is conditional on the granting approval for the listing of, and permission to deal in the placing shares by the listing committee of the stock exchange. As the shares are to be issued by the company pursuant to the general mandate, no additional approval from the shareholders will be required for the transaction. If the condition precedent is not fulfilled at or prior on October 31, 2020, the obligations and liabilities of the parties under the agreement shall cease. The completion of the placing will happen before November 2, 2020. The shares will be locked up to 60 days after the closing date. The company will apply to the listing committee for listing of and permission to deal in the placing shares.