Jiangsu Fasten Company Limited (SZSE:000890) announced that it has entered into a share subscription agreement with existing investor Jiangsu Fasten Group Co., Ltd, CITIC Environment Industrial Fund Management Co., Ltd., and Jiangyin Qianlong Zaiyuan Business Management Consulting Partnership Enterprise L.P., and Jiangsu Furen Group Company Limited for private placement of not more than 113,892,480 shares at a price of CNY 2.89 for gross proceeds of not more than CNY 329,149,267.20 on April 30, 2020. Jiangsu Fasten Group Co., Ltd. subscribes for 39,862,368 shares, Jiangsu Furen Group Company Limited subscribes for 34,167,744 shares, CITIC Environment Industrial Fund Management Co., Ltd. subscribes for 17,083,872 shares, and Jiangyin Qianlong Zaiyuan Business Management Consulting Partnership Enterprise L.P. subscribes for 22,778,496 shares. The company will issue not more than 30% of total share capital and the issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date. The shares issued in the transaction will be subject to a hold period of 18 months from the issuance closing date. The transaction has been approved by the 32nd meeting of the 9th directorate of the company, and is subject to the approvals of the shareholders meeting and the China Securities Regulatory Commission.