China National Accord Medicines Corporation Ltd. (SZSE:200028) announced a private placement of 13,011,152 shares at CNY 53.80 per share for gross proceeds of CNY 699,999,977.6 on March 9, 2016. The transaction will include participation from Shanghai Lichao Investment Management Center (Limited Partnership) for 5,576,208 shares, Sinopharm Group Co.,Ltd. (SEHK:1099) for 1,858,736 shares, and Ping An Asset Management Co. Ltd. for 5,576,208 shares.

The shares issued will be subject to a hold period of 36 months from the date of issue. The transaction has received the pre-approval of the State-owned Assets Supervision and Administration Commission of the State Council. The transaction was approved in the 13th session of the company's 7th directorate.

The transaction is subject to the approval of the State-owned Assets Supervision and Administration Commission of the State Council, company's shareholders, and the China Securities Regulatory Commission.