Ruifeng Renew (00527.HK) announced that it will issue 590 million new shares to Hebei Transportation Group, accounting for 24.9% of the expanded share capital, at a price of RMB 106 million, with a unit price of RMB 0.196 per share, a discount of 21.29% compared with the closing price before the suspension. It will also issue convertible bonds of RMB 1.017 billion, with a conversion price of RMB 0.196 per share.

Meanwhile, the company will issue 119 million new shares to Atlantis, accounting for 5% of the expanded share capital, at a price of RMB 23.41 million, as well as issuing convertible bonds with a nominal amount of RMB 161 million to TradArt Flagship. The subscription price and conversion price are both RMB 0.196.

The total net proceeds were approximately RMB 1.41 billion, of which 60% will be used for upgrading power generation units and investing in new equipment; 30% will be used for repaying loans; and the rest will be used as supplementary operating capital.

In addition, the company will acquire 50% equity of Hebei Jiaotou Dene Energy from Hebei Transportation Group, which owns solar power projects located in Weichang Manchu and Mongolian Autonomous County, Hebei Province and wind power projects located in Chengde City, at a cash price not exceeding RMB 7.5 million.

The company's shares have been suspended from trading since January 29 and have applied for resumption of trading on Monday (24th).