Beihai Gofar Marine Biological Industry Co., Ltd. (SHSE:600538) announced a private placement of 185,185,185 A shares at CNY 3.78 per share for gross proceeds of CNY 700,000,000 on July 28, 2013. The transaction will include participation from four individuals including Zhu Rongjuan, Peng Tao, Pan Libin, and Yao Fangyuan. Pursuant to the transaction, Zhu Rongjuan will increase stake from 0% to 25.55% by subscribing for 118,670,585 shares, Peng Tao will increase stake from 0% to 4.85% by subscribing for 22,514,600 shares, Pan Libin will increase stake from 0% to 4.95% by subscribing for 23,000,000 shares, and Yao Fangyuan will increase stake from 0% to 4.52% by subscribing for 21,000,000 shares. The transaction has been approved at the 22nd session of the 7th directorate meeting. The securities being issued are subject to a lock in period of 36 months from issuance. The transaction is subject to approval in shareholders' meeting and from China Securities Regulatory Commission.

On August 15, 2013, the company announced that it has received approval for the transaction at 24th session of 7th directorate meeting.

On September 3, 2013, the company announced that 2nd special shareholders' meeting of 2013 approved the transaction.

On January 27, 2014, the company announced that it has received approval for the transaction from issuance examination committee of China Securities Regulatory Commission upon verification.

On February 28, 2014, the company announced that Goldstate Securities Co., Ltd. will act as financial advisor to Zhu Rongjuan and Peng Tao.