Shanghai Furen Industrial (Group) Co., Ltd (SHSE:600781) announced a private placement of not more than 321,212,121 common shares at no less than CNY 16.50 per share for gross proceeds of up to CNY 5,299,999,996.5 on December 20, 2015. The round will include participation from not more than 10 specific qualified investors. The transaction was approved at the 11th meeting of the 6th board of directors of the company. The transaction is subject to 2nd approval of the board of directors of the company, approval from the shareholders' of the company, and approval of The People's Republic of China Ministry of Commerce Anti-monopoly Bureau along with China Securities Regulatory Commission. All securities to be issued will have a lock-up period for 12 months from closing.

On January 5, 2016, the company announced that it has received reply on the inquiry letter for the transaction.