Zhejiang Yonghe Refrigerant Co., Ltd. announced a private placement of not more than 81,240,701 A shares for proceeds of not more than CNY 3,500,000,000 on March 20, 2023. The transaction will include participation from not more than 35 investors. The transaction has been approved by 31st meeting of the third board of directors and the 21st meeting of the third board of supervisors of the company.

The transaction is subject to approval from company's general meeting of shareholders, by the Shanghai Stock Exchange and the China Securities Regulatory Commission. The shares issued will be subject to a hold period of six months. The issue price of this issue shall not be lower than 80% of the average trading price of the company's stock in the 20 trading days prior to the pricing base date.