CITIC Offshore Helicopter Co.,Ltd. (SZSE:000099) announced a private placement of not more than 169,699,717 common shares for gross proceeds of up to CNY 1,360,000,000 on September 25, 2020. The transaction will include participation from not more than 35 investors including CITIC Investment Holdings Limited. The lock up period for CITIC Investment Holdings Limited is 36 months since issuance date and for all other subscribers will be 6 months since issuance date. The issuance price is determined through bidding, and the pricing base date is the first day of the non-public issuance period. The issuance price of this issuance shall not be lower than 80% of the average trading price of the company’s stock in the 20 trading days before the pricing base date. The transaction is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting. The transaction has been approved by the board of directors in the third interim meeting of its seventh directorate and still needs to be approved by the company’s shareholders meeting, state-owned enterprises or state-owned assets regulatory authorities, China Civil Aviation Administration of China, China Securities Regulatory Commission Approval, permission or approval from the meeting and other regulatory authorities.