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Zongshen Power’s Private Placement for Financing RMB 900M Hailed in Voting
      Date:2011-12-09

20th April, 2011

Abstract In annual general meeting of stockholders held on 22nd March, Zongshen Power’s (001696) proposal of private placement of 110 million shares is hailed in voting. The fund raised through private placement does not exceed RMB 900 million. The total investment on sales and service network project is RMB 530 million, in which RMB 400 million is raised through private placement. Investment on three-wheel motorcycle engine is RMB 350 million, and that on construction of technology center is RMB 150 million.
In annual general meeting of stockholders held on 22nd March, Zongshen Power’s (001696) proposal of private placement of 110 million shares is hailed in voting. It is estimated that fund raised through private placement does not exceed RMB 900 million.
According to the proposal, issuing price of the private placement is not lower than RMB 8.94 per share. The raised fund will be invested on three projects, namely Zuo Shifu power machinery sales and service network, engines specially for three-wheel motorcycles and construction of technology center. The total investment on sales and service network project is RMB 530 million, in which RMB 400 million is raised through private placement. Investment on three-wheel motorcycle engine is RMB 350 million, and that on construction of technology center is RMB 150 million.
It is introduced by the Company that the project of sales and service network to be invested is a sales and service network orienting directly final consumption which will be constructed by integrating existing marketing network of the Company to extend business to sales of components and parts of power machinery and after sales service. The project of engine specially for three-wheel motorcycle is to cope with rapid increase of demand on three-wheel motorcycle in rural market in the future. The project of construction of technology center is to increase research and development level in small thermal power machinery and electric power.

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