BAIC BluePark New Energy Technology Co., Ltd. (SHSE:600733) announced that it has entered into a capital increase agreement for 1,048,097,801 A shares for a total gross proceeds of up to CNY 5,500,000,000 on August 3, 2020. The transaction included participation from existing investors BAIC Guangzhou Automotive Co, Ltd. for up to 67,959,545 shares, Beijing Automotive Group Co., Ltd. for 321,458,596 shares for proceeds of CNY 1,626,580,500 and Bohai Automotive Systems Co., Ltd. for proceeds of CNY 165,723,100 and thirty three other investors. Post closing the transaction, the investors will hold 7.32%, 34.60%, and 3.53% respectively.

The transaction has been approved by the board of directors of the company. The transaction is subject to a lock-up period of 36 months from the date of closing. The transaction has been approved at 26th meeting of the 7th directorate and 15th session of the ninth board of supervisors of the company.

The transaction is subject to approval from shareholders of the company and China Securities Regulatory Commission.