Guangzhou Pearl River Piano Group Co.,Ltd. (SZSE:002678) announced a private placement of maximum of 90,291,921 A shares at a price of CNY 14.73 for gross proceeds of up to CNY 1,329,999,996.33 on January 17, 2016. The transaction will include participation from a maximum of 10 investors. The securities issued will be subject to a hold period of 12 months from the date of issue.

The transaction was approved in the 50th meeting of the 2nd directorate of the company.