GCI Science & Technology Co., Ltd. (SZSE:002544) announced private placement of not more than 114,321,400 A shares for gross proceeds of not more than CNY 1,600,000,000 on December 3, 2019. The transaction will include participation from existing investor China Electronics Technology Investment Holdings Limited for 10% of the issuance size and other investors. The stake of China Electronics Technology Investment Holdings Limited will increase from 0.92% to 2.44% upon closing. The number of shares to be issued does not exceed 20% of the company's total share capital before the issue. The transaction has been approved by the National Defense Technology Industry Bureau and 11th meeting of 5th directorate of the company. The transaction is subject to approval of China Electronics Technology Group Corporation, shareholders' of the company at its 3rd extraordinary general meeting of 2019 to be held on December 26, 2019, and the China Securities Regulatory Commission.