Advanced Battery Technologies, Inc. (OTCPK:ABAT) announced that it has entered into a securities purchase agreement with Lianyungang HK New Energy Vehicle System Integration Corporation for a private placement of 132,000,000 common shares at $0.75 per share for gross proceeds of $99,000,000 on August 21, 2015. The shares will be subscribed by Lianyungang HK New Energy Vehicle System Integration Corporation. The closing of the transaction will take place within 90 days of the announcement or such other date which the company and investor mutually agree.

On August 26, 2015, the investor paid $50,000,000 of the purchase price to the company.