Ningbo Cixing Co.,Ltd. (SZSE:300307) announced that it has entered into a share subscription agreement for a private placement of not more than 234,162,532 A shares at a price of CNY 4.59 per share for gross proceeds of not more than CNY 1,074,806,021.88 on January 18, 2021. The transaction will include participation from Guangwei Holdings Limited. The company will issue shares not more than 30% of total share capital. The transaction has been approved at the 7th, 2nd meeting of the 4th directorate and the 6th meeting of the 4th supervisory board and is still subject to approval of State Administration for Market Regulation Anti-Monopoly Bureau’s Concentration of Operators Review, company’s shareholders, the Shenzhen Stock Exchange, and China Securities Regulatory Commission. The shares cannot be transferred within 18 months from the issuance closing date.