Sino-Tone (Beijing) Consulting Co., Ltd. announced a private placement of 1,742,160 newly issued shares at CNY 14.35 per share for gross proceeds of CNY 24,999,996 on January 19, 2017. The transaction will include participation from new investor, Yonyou Network Technology Co., Ltd. (SHSE:600588). On closing, the investor will hold 10% stake in the company. As part of the transaction, the company will transfer CNY 1,742,160 to the registered capital while the remaining CNY 23,257,836 will be added as capital reserve. The company and the investor will enter into a share subscription agreement. The transaction was approved at the 6th directorate of the 54th meeting of the investor and is not subject to approval from its shareholders. The company reported total assets of CNY 25,726,300, total liabilities of CNY 17,237,100, total equity of CNY 8,489,200, revenues of CNY 29,378,900, and net profit of –CNY 5,719,100 for the year ended December 31, 2015. On August 21, 2017, the company announced that it will receive some equity. The transaction has been approved at 9th Session of the 7th directorate meeting.