Guangdong Dowstone Technology Co., Ltd. (SZSE:300409) announced private placement of A shares for gross proceeds of not more than CNY 1,720,000,000 on February 27, 2020. The transaction will include not more than 35 specific investors. The pricing benchmark date for the transaction is the first day of the issue period and the issue price is not less than 80% of the company?s average stock price 20 trading days prior to the pricing base date. The number of shares does not exceed 30% of the company's total share capital before the issuance. The shares shall not be transferred within 6 months from issuance. The transaction has been approved by the 3rd meeting of 4th board of directors and 4th board of supervisors of the company. The transaction is subject to approval of shareholders of the company in its 2nd extraordinary general meeting of 2020 to be held on March 16, 2020 and the China Securities Regulatory Commission.