Daodaoquan Grain and Oil Co.,Ltd. announced a private placement of A shares not more than 70,000,000 shares for gross proceeds of not more than CNY 100 million on September 28, 2020. The transaction included participation from limited 35 investors. The issuance price will be not lower than 80% of the average price of the company's shares as of 20 trading days since issuance date.

The company will issue not more than 30% of the total share capital prior to the transaction. The shares issues will have a hold period of with in 6 months from the date of issuance. The transaction has been approved by the 24th meeting of the 2nd board of directors.

The transaction is subjected to the approval of China Securities Regulatory Commission approvals, company's share holders, and Shenzhen Stock Exchange.