Chaozhou Three-Circle (Group) Co.,Ltd. (SZSE:300408) announced a private placement of not more than 348,632,604 common shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date for gross proceeds of not more than CNY 2,175,000,000 on March 5, 2020. The transaction will include participation from not more than 35 investors. The transaction has been approved in the 28th meeting of the company's 9th directorate and is subject to the approvals of the shareholders meeting and the China Securities Regulatory Commission. The shares the investors will subscribe to cannot be transferred within 6 months from the issuance closing date.