Baocheng Investment Co., Ltd. (SHSE:600892) is seeking acquisitions. Baocheng Investment Co., Ltd. announced a private placement of 122,693,266 A shares at a price of CNY 20.05 per share for gross proceeds of CNY 2.5 billion. Baocheng Investment Co., Ltd. will use the proceeds for supplement of working capital, debt repayment, and stake acquisition.