Hefei Kewell Power System Co.,Ltd. announced a private placement of not more than 24,090,963 shares for gross proceeds of not more than CNY 205,102,700 on May 30, 2023. The issue price should not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors.

he shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved by the shareholder's of the company in the 10th meeting of the 2nd supervisory board and is subject to the approvals of the Shanghai Stock Exchange and the China Securities Regulatory Commission.