Guizhou Xinbang Pharmaceutical Co., Ltd. (SZSE:002390) announced a private placement of not more than 31,533,682 common shares at CNY 20.93 per share for gross proceeds of not more than CNY 659,999,964.26 on April 27, 2015. The transaction includes participation from Guizhou Gui'an New District Jinyu Investment Center (limited partnership) which will purchase 17,200,191 shares for CNY 359,999,997.63; Jiaxing Haidongqing Investment Management Partnership (limited partnership) which will purchase 7,166,746 shares for CNY 149,999,993.78; Beijing Minsheng Xinhui Investment Partnership (Limited Partnership) which will purchase 4,777,830 shares for CNY 99,999,981.9; and Beijing Pengyuan Capital Management Co., Ltd. which will purchase 2,388,915 shares for CNY 49,999,990.95. The transaction has been approved in its 40th meeting of the 5th board of directors but still needs to be approved in its 2nd approval of the board of directors meeting; approval of the shareholders; approval of the China Securities Regulatory Commission; and other approval, license, authorization or consent required by the Chinese Law.

The company has singed a subscription agreement with investors.