Hangzhou Silan Microelectronics Co Ltd (SHSE:600460) announced a private placement of not more than 130,505,709 A shares at not less than CNY 6.13 per share for gross proceeds of not more than CNY 800,000,000 on December 13, 2016. The transaction will include participation from not more than 10 specific investors. The shares will not be transferrable within 12 months from the closing date of this issuance. The transaction has been approved at 4th session of the 6th directorate of the company and needs approvals from the shareholders’ meeting of the company and China Regulatory Securities Commission.