Huarong Consumer Finance Co., Ltd. announced a private placement of 1,000,000,000 common shares at a price of CNY 1 per share for the gross proceeds of CNY 1,000,000,000 on November 9, 2017. The transaction will include participation from existing investors Hefei Department Store Group Co., Ltd. (SZSE:000417), Shenzhen Huaqiang Asset Management Group Co., Ltd., Anhui Xin'an Asset Management Co., Ltd., and China Huarong Asset Management Co., Ltd. (SEHK:2799), where China Huarong Asset Management Co., Ltd. will invest not more than CNY 550,000,000. The securities being issued are subject to hold period of five years.

The transaction is subject to approval in Extraordinary General Meeting of China Huarong Asset Management Co., Ltd. on December 25, 2017.