Hefei City Card Co Ltd announced a private placement of 35,000,000 shares at a price of CNY 2.39 per share for gross proceeds of CNY 83,650,000 on June 21, 2016. The transaction will include participation from Hefei Department Store Group Co., Ltd. (SZSE:000417) for 7,000,000 shares representing 10.769231% stake, Hefei Urban Rail Transit Co., Ltd for 7,000,000 shares representing 10.769231% stake, Hefei Xingtai Financial Holding Group Co., Ltd for 15,000,000 shares representing 23.076923% stake, and Hefei Xingtai Equity Investment Management Co., Ltd for 6,000,000 shares representing 9.230769% stake in the company. The company has signed a capital increase agreement with the investors. The transaction has been approved in 12th extraordinary meeting of the 7th directorate of Hefei Department Store Group Co., Ltd. (SZSE:000417). The transaction does not require shareholders’ approval of Hefei Department Store Group Co., Ltd. (SZSE:000417). Upon completion of the transaction; the company’s total share capital will increase from 30,000,000 shares to 65,000,000 shares. The investors will acquire 53.846154% stake in the company through this transaction. The company reported total assets of CNY 187,857,600, total liabilities of CNY 173,972,700, net assets of CNY 13,884,900, revenue of CNY 14,341,700, and net profit of CNY 3,067,800 for the year ended December 31, 2015.