Liaoning Fu-An Heavy Industry Co.,Ltd announced a private placement of not more than 92,107,879 shares on May 18, 2022. The transaction will include participation from no more than 35 specific investors. The total amount of funds raised will not exceed the transaction of purchasing assets by issuing shares in this transaction 100% of the price and the number of shares to be issued with the supporting funds for this raising does not exceed 30% of the total share capital of the listed company before the transaction.

The final amount and issuance amount of the matching funds to be raised shall be subject to the approval of the China Securities Regulatory Commission. The transaction has been reviewed and approved at the 16th meeting of the 4th board of directors, and subject to approval of board of directors, general meeting of shareholders, and China Securities Regulatory Commission. The shares to be issued shall have a lock up period of 6 months from the closing of the transaction.