Xiangtan Electric completes A-share private placement, secures capital for growth

Xiangtan Electric Manufacturing Co., Ltd. announced the successful completion of its private placement of A-shares, with final proceeds totaling RMB 1,999,999,988.70. The issuance involved 150,375,939 shares at a price of RMB 13.30 per share, adhering to regulatory requirements and internal approvals. All newly issued shares will be subject to a 6-month lock-up period before being listed on the Shanghai Stock Exchange.

The private placement attracted 16 institutional and individual investors, including Hubei Railway Development Fund Co., Ltd. and Caitong Fund Management Co., Ltd. This capital injection is expected to bolster the company's total assets and net assets, optimize its capital structure, and enhance profitability.

The company's board, supervisors, and senior management have verified the accuracy and completeness of the issuance report, confirming no false information, misleading statements, or material omissions. This strategic move is not anticipated to alter the company's control, core business operations, or existing related party transactions.