China Guangfa Bank Co., Ltd. announced a private placement to issue 2,000,000,000 common shares at a price of CNY 8.81 for gross proceeds of CNY 17,620,000,000 in the transaction on May 26, 2021. The transaction will include participation from returning investor, China Life Insurance Company Limited (SEHK:2628) to retain 43.686% stake in the company. The transaction is still pending supervision procedures governing the sale of state-owned assets. The transaction has been approved at the 36th meeting of the sixth board of directors of the investor.