Bank of Jiangsu Co., Ltd. (SHSE:600919) announced a private placement of not more than 200,000,000 preferred shares at CNY 100 per share for gross proceeds of CNY 20,000,000,000 on November 29, 2016. The company will issue the shares at its par value. The company expects to incur certain issue expenses as part of the transaction. The transaction was approved at the 28th session of the 3rd directorate meeting of the company. The transaction is further subject to approval from the shareholders of the company at its 2nd special shareholders' meeting of 2016 to be held on December 16, 2016. The transaction is also subject to regulatory approvals from the China Banking Regulatory Commission and China Securities Regulatory Commission.