Fujian Ideal Jewellery Industrial Co., Ltd. (SZSE:002740) announced a private placement of not more than 136,218,323 A shares for gross proceeds of not more than CNY 904,750,000 on March 22, 2020. The transaction will include participation from not more than 35 specific investors. The benchmark date for the issue is the first day of the issue period. The issue price of the transaction is not less than 80% of the average trading price of the company's A shares in the 20 trading days before the pricing reference date. The upper limit of the number of issued shares does not exceed 30% of the company's total share capital before issuance. The shares issued in the transaction shall not be transferred within 6 months from the date of completion of the issuance. The transaction was approved by the board of directors at the 34th meeting of the fourth board of directors. The transaction is still subject to the approval of the shareholders of the company and the approval of the China Securities Regulatory Commission.