Beijing Sinnet Technology co., Ltd. (SZSE:300383) announced a private placement of common shares for gross proceeds of CNY 580,750,000 on January 31, 2018. The transaction will include participation from not more than 5 specific investors. The shares will not be transferred within 12 months from the date of issuance. The transaction was approved at the 2nd session of the 3rd directorate of the company. The transaction is further subject to a second approval from its directors, approval from the shareholders of the company and from the China Securities Regulatory Commission. On March 27, 2018, the company announced that the transaction has been approved by the directors in the 4th session of the 3rd directorate meeting.