China Longyuan Power's (HKG:0916, SHE:001289) board approved a proposal to issue A shares to no more than 35 specific investors under its general mandate, seeking to raise up to 5 billion yuan, according to a Thursday Hong Kong bourse filing.

The new shares will be priced at no less than 80% of the average trading price over the 20 trading days before the pricing benchmark date.

The issue size will not exceed 1.01 billion shares, or 20% of the company's A shares in issue, the filing said.

Proceeds will be raised in yuan cash, with all investors subscribing at the same price.

Shenzhen shares of the company declined over 1% in late-morning trade Thursday.