CITIC Heavy Industries Co., Ltd. announced that it has entered into a subscription agreement for private placement of not more than 450,000,000 shares for gross proceeds of not more than CNY 1,008,462,800 on May 28, 2021. The company will issue the 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 not more than 35 investors, including returning investor CITIC Investment Holdings Limited subscribing for CNY 100,000,000. The transaction has been approved in the 5th meeting of the company's 5th directorate and the 4th meeting of the 5th supervisory board and is subject to the approvals of the shareholders and the China Securities Regulatory Commission. The shares subscribed by CITIC Investment Holdings Limited cannot be transferred within 18 months from the issuance closing date. The shares subscribed by the other investors to cannot be transferred within 6 months from the issuance closing date. On June 2, 2021, the transaction has been approved by the CITIC Corporation Limited with approval number [2021] 48.