Beijing Eastern Chieftain Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 10,000,000 on October 26, 2017. The transaction will involve participation from existing investor Beijing Chieftain Control Engineering Technology Co., Ltd. (SZSE:300430). Post the closing of the transaction, the registered capital of the company will increase from CNY 6,000,000 to CNY 16,000,000 and the investor will retain its 100% stake in the company. The transaction has been approved by the investor at its 3rd directorate's 5th meeting and is not subject to approval from its shareholders. The company reported total assets of CNY 24,024,336.24, total liabilities of CNY 16,626,210.87, net assets of CNY 7,398,125.37, revenue of CNY 17,795,064.69, total profit of CNY 346,060.26, and net profit of CNY 830,500.14 for the year ended December 31, 2016.