On November 7, 2018, Beijing Sinnet Technology Co., Ltd (SZSE:300383) closed the transaction. The company has issued 45,089,284 A shares at an issue price of CNY 12.88 per share for total gross proceeds of CNY 580,749,977.92. The transaction included participation from Taikang Life Insurance Co., Ltd. - Traditional for 9,017,857 shares, Taikang Life Insurance Co., Ltd. – investment linked – multistrategy for 9,017,857 shares, Shanghai Merger and Acquisition Equity Investment Fund Partnership (Limited Partnership), a fund managed by Haitong M&A Capital Management (Shanghai) Co., Ltd. for 15,527,950 shares, Gongqingcheng Shengheng Investment Management Co., Ltd. for 11,524,068 shares, and Beixin Ruifeng Fund Management Co., Ltd. for 1,552 shares. The company will pay CNY 13,999,977.92 as issuance expenses, resulting in net proceeds of CNY 566,750,000. The shares have a hold period of 12 months.