Kinghand Industrial Investment Co., Ltd. (SZSE:000615) announced a private placement of not more than 156,720,523 A shares for gross proceeds of CNY 1,520,481,000 on January 9, 2018. The shares will be issued at a price equal to not lower than 90% of the median market price of its shares as of 20 previous days to issuance date. The transaction will include participation from not more than 10 investors. The securities being issued are subject to a lock in period of 12 months. The transaction was approved by the board of directors of the company at the 44th meeting of the 8th directorate. The transaction is subject to approval from shareholders' and the China Securities Regulatory Commission.