Chinadive Watersports Inc. announced a private placement of 33,000,000 class A shares at a price of CNY 14.848485 per share for gross proceeds of CNY 490,000,005 on May 2, 2018. The securities being issued are subject to a lock in period of 12 months. The company has obtained approval from board of directors at its 16 meeting for its 3rd directorate meeting. Issuance must be made within 6 months after obtaining approval from the China Securities Regulatory Commission. The transaction is subject to approval from the shareholders.