Beijing Vastdata Technology Co., Ltd. announced a private placement of not more than 75,799,357 class A shares for gross proceeds of not more than CNY 500,203,400 on October 12, 2020. The transaction will include participation form not more than 35 investors. The issuance price will be not lower than 80% of the average price of the company?s shares as of 20 trading days since issuance date. The company will issue not more than 30% of the total share capital prior to the transaction. The shares issues will have a hold period of 6 months from the date of closing. The transaction has been approved by the board of directors of the company at 3rd meeting of the 3rd supervisory board and 3rd meeting of 3rd directorate and is subject to shareholder and China Securities Regulatory Commission approvals. On October 20, 2020, the company's directorate decided to hold the 2nd special shareholders' meeting of 2020 on November 5, 2020 for the transaction.