Jiangsu Fengdong Thermal Technology Co.,Ltd. (SZSE:002530) announced a private placement of 74,349,440 shares at CNY 16.14 per share for gross proceeds of CNY 1,199,999,961.6 on January 10, 2016. The transaction will include participation from Zhu Wenming for 40,272,614 shares, Shu Yuhui for 26,641,883 shares, Minsheng Foresee No. 1 Collective Asset Management Plan for 4,434,944 shares, Xie Bing for 2,727,385 shares, and Xu Jinhong for 272,614 shares. The shares issued will be subject to a hold period of 36 months from the date of issue. The transaction is subject to the approval of the shareholders, directors, and the China Securities Regulatory Commission.

On May 9, 2016, the company announced that it will seek shareholders' approval in its 1st Extraordinary General Meeting of 2016 to be held on May 23, 2016.