On October 25, 2022, Xiangtan Electric Manufacturing Co. Ltd. closed the transaction. The company issued 170,454,545 shares at an issue price of CNY 17.6 per share for aggregate gross proceeds of CNY 2,999,999,992.

The company incurred issuance expenses of CNY 33,134,783.35 excluding tax in the transaction. The transaction included participation from Bosera Asset Management Co., Ltd. for 36,136,363 shares, returning investor Caitong Fund Management Co., Ltd. for 23,988,636 shares, Nuode Asset Management Co., Ltd. for 17,323,863 shares, Zhong Ou Fund Management Co., Ltd for 16,312,500 shares, Ge Weidong for 15,340,909 shares, Taikang Asset Management Co., Ltd. - Taikang Life Insurance Co., Ltd. - Dividends - Personal Dividend Products for 8,522,727 shares, returning investor Penghua Fund Management Co. Ltd. for 6,818,181 shares, China General Nuclear Capital Holdings Co., Ltd. for 5,681,818 shares, Nanjing Frierson Investment Partnership (Limited Partnership) for 5,681,818 shares, ChangAn Fund Management Co.,Ltd, Xu Wenchen, Oriental Alpha Fund Management Co., Ltd., CPIC Fund Management Co., Ltd., Hefeng Ronghui Private Fund, a fund managed by Shenzhen Hefeng Asset Management Co., Ltd., Li Wenfang for 5,113,636 shares each, Guotai Asset Management Co., Ltd. for 3,965,914 shares.

Out of the total proceeds CNY 170,454,545 will go towards registered capital and CNY 2,796,410,663.65 will go towards capital reserve. Post transaction, the registered capital of the company is changed to CNY 1,325,406,445.