Zhonglu Co., Ltd. (SHSE:900915) announced a private placement of up to 64,289,582 A shares for gross proceeds of up to CNY 1,400,000,000 on January 17, 2018. The transaction will include participation from no more than 10 specific investors. The issue price shall not go lower than 90% of the average price of the company’s shares 20 trading days prior to the first day of issuance. Shares being issued are subject to a hold period of 12 months from the listing date. The transaction was approved at the 35th session of the 8th directorate meeting of the company. The transaction is further subject to the approval of another directorate meeting of the company, company shareholders’ meeting, and the China Securities Regulatory Commission.