Huabao Food Flavours & Fragrances (Shanghai) Co., Ltd. announced that it has entered into an agreement for a private placement of 54,290,000 shares at a price of CNY 15.6 per share for gross proceeds of CNY 846,924,000 on September 9, 2016. The shares will be issued at a premium. The transaction will include participation from new investors, Qushui Innovation, which will acquire 3,890,000 shares for a 0.7018% stake, GQC Orient Securities, which will acquire 24,320,000 shares for a 4.3876% stake, and GQC S-Land Investment which will acquire 26,080,000 shares for a 4.7051% stake in the company. The transaction is subject to approval at the company’s general meeting, and approval from its relevant business administrative departments. The shares shall be subject to a lock up period for 36 months after completion of the transaction.