Beijing Yifunong Commercial Development Co., Ltd. announced an equity private placement for gross proceeds of CNY 40,000,000 on January 8, 2018. The transaction will include participation from existing investor Beijing Dabeinong Technology Group Co.,Ltd. (SZSE:002385). On closing, the investor will retain its 100% stake in the company. Post the closing, the registered capital of the company will increase from CNY 20 million to CNY 60 million. The transaction has been approved in the 23rd meeting of the 4th directorate by the investor. The transaction does not need the shareholder’s approval of the investor.