Xiangtan Electric Manufacturing completes share issuance, boosts capital by nearly 2 bn yuan

Xiangtan Electric Manufacturing announced the completion of its 2024 A-share issuance to specific targets, raising 1,999,999,988.70 yuan. After deducting issuance expenses of 20,705,420.73 yuan, the net proceeds totaled 1,979,294,567.97 yuan. The issuance involved 150,375,939 new shares at 13.30 yuan per share, with all shares subject to a six-month lock-up period from the issuance completion date of September 22, 2025.

The transaction resulted in a proportional dilution for existing shareholders, as the company's total share capital increased from 1,325,406,445 shares to 1,475,782,384 shares. The controlling shareholder, Xiangdian Group Co., Ltd., and its concerted parties' stake decreased from 30.70% to 27.57%.

Despite the changes in shareholding percentages, the company's control structure remains unchanged, with Xiangdian Group Co., Ltd. still the controlling shareholder and Hunan SASAC as the ultimate beneficial owner. The company's asset structure is expected to improve, enhancing its risk resistance and long-term development prospects.