GUILIN FUDA Co.,Ltd. announced a private placement of not more than 178,577,613 shares for the total gross proceeds of not more than CNY 1,010,000,000 on March 12, 2020. The company will issue shares at an issue price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved by the board of directors in 24th meeting of the company's 4th directorate and is subject to the approvals of the shareholders meeting and the China Securities Regulatory Commission. The transaction has also been approved by the 23rd meeting of the 4th supervisory board.