Huasu Holdings Co.,Ltd (SZSE:000509) announced that it has entered into subscription agreement for private placement to issue not more than 247,644,935 A shares at a price of CNY 1 per share for gross proceeds not exceeding CNY 247,644,935 from Hubei Asset Management Co Ltd in June 16, 2020. The Issuance price will be not lower than 80% of the average price of the company’s shares as of 20 trading days since issuance date. The company will issue not more than 30% of the total share capital prior to the transaction. The transaction was approved by the board of directors of the company in 2nd extraordinary meeting of the 11th directorate and is subject to shareholder and China Securities Regulatory Commission approvals. The shares cannot be transferred within 18 months from the issuance closing date.