Chongqing Fuling Zhacai Group Co., Ltd. (SZSE:002507) announced a private placement of not more than 142,185,616 A shares for gross proceeds of not more than CNY 3,300,000,000 on November 11, 2020. The transaction will include participation from not more than 35 specific investors. The number of shares issued in the transaction does not exceed 30% of the total share capital before the issuance. The issue price shall not be lower than the average trading price of the company’s A shares on the 20 trading days before the first day of the issuance period. The transaction has been reviewed and approved at the 22nd meeting of it's fourth board of directors. The transaction still need to be reviewed and approved by the Fuling District State-owned Assets Supervision and Administration Commission, company's shareholders meeting, and from China Securities Regulatory Commission