Huida Sanitary Ware Co., Ltd. (SHSE:603385) announced a private placement to issue not more than 60,975,610 shares at issue price of CNY 8.20 per share for gross proceeds not more than CNY 500,000,002 on May 20, 2020. The transaction will include participation from new investor, Shenzhen Biguiyuan Innovation Investment Co., Ltd. for 50,609,756 shares for gross proceeds of CNY 414,999,999.20, returning investors, Wang Huiwen for 3,658,536 shares for gross proceeds of CNY 29,999,995.20, Wang Yanqing for 6,097,562 shares for gross proceeds of CNY 50,000,008.40, and Wang Yanwei for 609,756 shares for gross proceeds of CNY 4,999,999.20 and Shenzhen Country Garden Venture Capital Co., Ltd. The shares issued in the transaction will have a lock up period of 18 months from the date of issuance. The transaction has been approved at the fourteenth meeting of the fifth board of supervisors and 15th meeting of the 5th directorate of the company. The transaction still needs to be approved by the shareholders of the company at the shareholders' meeting and China Securities Regulatory Commission. As part of the transaction, Shenzhen Biguiyuan Innovation Investment Co., Ltd. will acquire 11.76% stake in the company. The par value of shares is CNY 1 per share.