Jiangsu Canlon Building Materials Co., Ltd. (SZSE:300715) announced that it has entered into a share subscription agreement for a private placement for not more than 42,504,958 A shares at an issue price of CNY 35.29 per A share for gross proceeds of not more than CNY 1,500,000,000 on August 7, 2020. The transaction will include participation from Kailun Holding Investment Co., Ltd. who will subscribe for 28,336,639 shares for CNY 1,000,000,000 and Qian Lindi who will subscribe 14,168,319 shares for proceeds CNY 500,000,000. The transaction has been approved in the 30th meeting of the company's 3rd directorate. The transaction is subject to the approvals of the shareholders meeting, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission. The transaction is subject to a hold period of 36 months from the issuance closing date. On September 21, 2020, the company announced that the application documents has been accepted and are under review by Shenzhen Stock Exchange and China Securities Regulatory Commission.