Ningbo Tuopu Group Co., Ltd. (SHSE:601689) announced a private placement of not more than 316,496,324 shares for gross proceeds of not more than CNY 2,000,000,000 on May 15, 2020. The transaction will include participation from not more than 35 specific investors. The company will issue not more than 30% of the total share capital prior to the transaction.

The shares issued will have a hold period of 6 months from the date of issuance. The transaction has been approved by the board of directors of the company at 20th meeting of the third directorate and is subject to shareholder and China Securities Regulatory Commission approvals.