Bestway Marine & Energy Technology Co.,Ltd announced a private placement to issue not more than 518,408,739 shares for an aggregate gross proceeds of not more than CNY 800,000,000 on September 23, 2022. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors.

The transaction will also include participation from returning investor, Xiamen Longhai Zhongneng Investment Partnership Enterprise (Limited Partnership) with a 12.50% stake. After completion the investor will acquire not more than 30% stake in the company. The shares to be issued shall have a hold period of 18 months from closing of the transaction.

The transaction has been approved at the annual general shareholders meeting of 2021, and approved authorizing the company's directorate for the transaction. The transaction is still subject to approval from Shenzhen Stock Exchange and the China Securities Regulatory Commission.