Jiawei Renewable Energy Co., Ltd. announced a private placement by signing share subscription agreement of 247,285,159 common shares having par value of CNY 1.00 per share at an issue price of CNY 4.58 per share for gross proceeds of not more than CNY 1,132,566,028.22 on June 8, 2022. The transaction will include participation from returning invetsor Fuyang Quanfu Enterprise Management Co., Ltd. The total number of share issued does not exceed 30% of the company's total share capital before the issuance to specific objects. The issue price is not lower than the pricing basis 80% of the average stock trading price of the company in the 20 trading days prior to the quasi-pricing date. The issuance resolution is valid for 12 months from the date when the company's general meeting of shareholders considers and approves the issuance resolution to specific objects. The transaction has been approved at 30th meeting of the fourth session of the board of directors and subject to approval of relevant state-owned assets department, reviewed and approved by the company's general meeting of shareholders, reviewed and approved by the Shenzhen Stock Exchange and approved by the China Securities Regulatory Commission. The shares issued shall not be transferred within 18 months from the date of the end of this issuance.

On April 20, 2023, Shenzhen Stock Exchange has accepted the company's private placement application.