IReader Technology Co., Ltd. (SHSE:603533) announced that it has entered into a subscription agreement with new investor Dagze Bairuixiang Venture Investment Management Co., Ltd. for a private placement of not more than 38,674,033 A shares of par value CNY 1 per share at a price of CNY 18.10 per share for gross proceeds of not more than CNY 699,999,997.30 on March 17, 2020. As a part of the transaction, the investor will acquire 8.8% stake in the company. The shares to be issued will be subject to a lock up period of 24 months. The transaction has been approved in the fifteenth meeting of the second directorate of the company, and is subject to approval from company’s shareholders and China Securities Regulatory Commission.