Glodon Company Limited (SZSE:002410) announced a private placement to issue not more than 169,132,790 A shares for gross proceeds of not more than CNY 2,700,000,000 on October 25, 2019. The transaction will include participation from not more than 10 investors which includes securities investment fund management company, securities companies, trust investment companies, finance companies and assets that meet the requirements of the China Securities Regulatory Commission, institutional investors including management companies, insurance institutional investors, qualified foreign institutional investors, legal persons, natural persons, and other legal organizations that meet the requirements of the China Securities Regulatory Commission. The transaction has been approved by the board of directors of the company at the 21st meeting of the 4th directorate. The transaction still needs to be approved by the shareholders of the company and China Securities Regulatory Commission. The shares issued in the transaction is subject to a hold period of 12 months from the closing of the transaction.