Heilongjiang Xinhua Bookstore Group Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 18 million on July 11, 2023. The transaction will include participation from returning investor, Heilongjiang Publishing & Media Co., Ltd to retain its 100% stake in the company. The transaction has been approved at the eighteenth meeting of the third board of directors and the twelfth meeting of the third board of supervisors of Heilongjiang Publishing & Media Co., Ltd.