Bio-top announced a private placement of common shares for gross proceeds of CNY 40,000,000 on May 9, 2017. All investors will invest according to their existing equity ratios in the company. New investor Autobio Diagnostics Co., Ltd. (SHSE:603658) will invest CNY 30,000,000 and returning investors Li Qiang, Song Shengli, Yang Jianguo, Kang Tieun and Liu Bingzhong will invest CNY 10,000,000. The transaction was approved at Autobio Diagnostics Co., Ltd.‘s 12th session of the 2nd directorate and does not require approval from its stockholders. As a result of the transaction, and concurrent share transfer Autobio Diagnostics Co., Ltd., Li Qiang, Song Shengli, Yang Jianguo, and Liu Bingzhong will hold 75% stake, 9% stake, 4.5% stake, 1.25% stake, and 1.25% stake respectively. The company reported total assets of CNY 50,866,600, total liabilities of CNY 33,063,900, net assets of CNY 17,802,600, revenues of CNY 22,998,700, and net income of CNY 4,591,100 for the year ended December 31, 2016. The transaction is expected to close within 30 working days from the equity transfer.