Zhejiang Provincial New Energy Investment Group Co., Ltd. announced a private placement of not more than 624,000,000 A shares for proceeds of CNY 3,000,000,000 on March 18, 2022. The transaction will include participation from not more than 35 investors. The shares will not be transferred within six months from the date of the end of the transaction.

The transaction has been reviewed and approved at the 31st meeting of the company's first board of directors. The transaction still needs to be approved by the competent state-owned assets supervision and administration department or its authorized body, the company's general meeting of shareholders, and the China Securities Regulatory Commission.