Shandong Oriental Ocean Sci-Tech Co., Ltd. (SZSE:002086) announced a private placement of not more than 338,983,050 A shares at a price of not less than CNY 10.62 per share for gross proceeds of not more than CNY 3,599,999,991 on January 20, 2017. The transaction will include participation from not more than 10 investors. The company entered into subscription agreement with Che Shi for not less than 20% of the gross proceeds. The shares issued to Che Shi will be subject to a hold period of 36 months after the issuance, and the shares issued to other subscribers will be subject to a hold period of 12 months from date of issue. The transaction has been approved by the board of directors of the company at its 2nd session of 6th directorate. The transaction is subject to shareholder approval and approval of China Securities Regulatory Commission.