Estun Automation Co., Ltd (SZSE:002747) announced a private placement of not more than 86,058,500 A shares at a price of CNY 11.62 per share for gross proceeds of not more than CNY 999,999,770 on July 24, 2020. The transaction will include participation from China General Technology (Group) Holding Co., Ltd. for 34,423,400 shares for proceeds of CNY 399,999,900, National Manufacturing Transformation and Upgrading Fund Co., Ltd. for 34,423,400 shares for proceeds of CNY 399,999,900, and Hubei Xiaomi Yangtze River Industry Fund Partnership (Limited Partnership) for 17,211,700 shares for proceeds of CNY 200,000,000. The shares issued are subject to restriction period of 18 months from the date of closing the transaction. The transaction has been approved at the 2nd meeting of 4th directorate of the company, is subject to approval from shareholders and China Securities Regulatory Commission.