Fujian Snowman Co., Ltd. (SZSE:002639) announced a share subscription agreement wherein it will issue not more than 60,200,000 shares at issue price of CNY 7.16 per share for gross proceeds of CNY 431,032,000 on February 25, 2020. The transaction will include participation from Zhang Huaguo for 23,800,000 shares, Chen Cunzhong for 18,200,000 shares, Zheng Zhishu for 14,000,000 shares, and Huang Chengli for 4,200,000 shares. The shares issued in the transaction is subject to a lock up period of 18 months from the closing of the transaction. The transaction has been approved by the board of directors of the company at the 11th Meeting of the company's 4th directorate and is subject to approval from shareholders of the company and the China Securities Regulatory Commission.