Panda Financial Holding Corp., Ltd. (SHSE:600599) announced a private placement of up to 49,800,000 A shares at a price of CNY 5.10 per share for the gross proceeds of up to 253,980,000 on May 16, 2020. The transaction will include participation from Sanya Sunrise Dongli Investment Co., Ltd. for the gross proceeds of CNY 153,000,000 and Sanya Huanqiong Technology Co., Ltd. for the gross proceeds of up to CNY 100,980,000. The shares will be issued at premium price in the transaction. The pricing base date of shares is the announcement date of the board resolution and the issue price shall not be lower than 80% of the average trading price of the company's stocks in the 20 trading days before the pricing reference date. The transaction has been approved at the 19th meeting of the 6th directorate of the company, and is subject to the approval of the company's shareholders meeting and the China Securities Regulatory Commission. The shares have a lock-up period is 18 months, and will be listed and traded on the Shanghai Stock Exchange. The resolution of this issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.