ChengDu Hi-Tech Development Co., Ltd. (SZSE:000628) announced a private placement of not more than 93,444,000 A shares at a price of CNY 7.5 per share for gross proceeds of not more than CNY 700,830,000 on March 16, 2020. The company will issue shares at a price not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issuance. The transaction will include participation from Chengdu Hi-tech Investment Group Co., Ltd. for 28,600,000 shares for proceeds of CNY 214,500,000, Chengdu Aerotropolis group and Chengdu High-tech Service Co., Ltd. for 6,100,000 shares each for proceeds of CNY 45,750,000 each, Sichuan Capital Market Bailout Development Securities Investment Fund Partnership for 10,100,000 shares for proceeds of CNY 75,750,000, Shenzhen Jindou Investment Co., Ltd. for 8,500,000 shares for proceeds of CNY 63,750,000, Junxi Value 1 Private Equity Investment Fund and Junxi Value 2 Private Equity Investment Fund, funds managed by Shanghai Junxi Investment Management Co., Ltd. for 7,700,000 shares for proceeds of CNY 57,750,000, Shanghai Shijun Xuanda Investment Management Center (General Partnership) for 4,600,000 shares for proceeds of CNY 34,500,000, Chengdu Gongtou Meiji Investment Co., Ltd. for 3,700,000 shares for proceeds of CNY 27,750,000, Beijing Taihe Orient Investment and Management Co., Ltd. and Xi'an Zhixuanzhixing Venture Capital Partnership (Limited Partnership) for 2,700,000 shares each for proceeds of CNY 20,250,000 each, and Sichuan Pharmaceutical. Inc for 2,544,000 shares for proceeds of CNY 19,080,000. All shares to be issued to Chengdu Hi-tech Investment Group Co., Chengdu Aerotropolis group, and Chengdu High-tech Service Co., Ltd. will be subject to a hold period of 36 months, and shares to be issued to the remaining investors will be subject to a hold period of 18 months. The transaction has been approved in the sixth extraordinary meeting of the eighth directorate of the company and is subject to the approval from the shareholders of the company. The resolution for this transaction is valid for 12 months from the date of approval of the shareholders at its meeting.