Suyin Financial Leasing Co., Ltd. announced a private placement of 1,750,000,000 shares at CNY 1.2 per share for gross proceeds of CNY 2,100,000,000 on August 30, 2016. The transaction will include participation from existing investors Bank of Jiangsu Co., Ltd. (SHSE:600919) for 800,000,000 shares representing 26.666667% stake, Jiangsu Phoenix Publishing & Media Group Co., Ltd. for 280,000,000 shares representing 9.333333% stake, Nanjing High Accurate Drive Equipment Manufacturing Group Co., Ltd. for 70,000,000 shares representing 2.333333% stake, and new shareholders for 600,000,000 shares representing 20% stake in the company. The company’s outstanding shares will be increased from 1,250,000,000 shares to 3,000,000,000 shares. Investors shall acquire 58.333334% stake in the company through this transaction. Pursuant to the transaction, Bank of Jiangsu Co., Ltd. shall hold 60% stake, Jiangsu Phoenix Publishing & Media Group Co., Ltd. shall hold 16% stake, and Nanjing High Accurate Drive Equipment Manufacturing Group Co., Ltd. shall hold 4% stake in the company. The transaction has been approved at 25th session of the 3rd directorate of Bank of Jiangsu Co., Ltd. and does not require the approval from its shareholders.