Wuxi Shangji Automation Co., Ltd. (SHSE:603185) announced a private placement of up to 69,562,300 shares for gross proceeds of not more than CNY 3,000,000,000 on July 13, 2020. The transaction will include participation from up to 35 investors. The company will issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date.

The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in 8th meeting of the 3rd supervisory board and 10th session of the 3rd directorate meeting. The transaction is still subject to approval of company's shareholders and China Securities Regulatory Commission.