Jiangsu Shentong Valve Co., Ltd. (SZSE:002438) announced a private placement of not exceed 57,100,000 A shares at a price of CNY 6.28 per share for gross proceeds of not exceed CNY 358,588,000 on June 17, 2020. The issue price shall not be lower than 80% of the average trading price of the company's stocks in the 20 trading days before the pricing reference date. The maximum number of issued shares does not exceed 30% of the company's total share capital before the issuance. The transaction will include participation from Tianjin Ansai Asset Management Co., Ltd. subscribed 27,100,000 shares for CNY 170,188,000 for Lock up period of 36 months, Hangtian Kegong Equity Investment Fund Management (Shenzhen) Co., Ltd.'s proposed private equity fund subscribed 16,000,000 shares for CNY 100,480,000 for Lock up period of 18 months, Wu Jianxin subscribed 14,000,000 shares for CNY 87,920,000 for Lock up period of 36 months. The A shares will issue a par value of CNY 1 each. The transaction has been approved by the board of director of the company at its approved at the 9th meeting of the 5th directorate and are subject to the approval of the company's shareholders in its 3rd extraordinary general meeting to be held on July 3, 2020 and the China Securities Regulatory Commission. The approval is valid for 12 months from the date of deliberation and approval by the shareholders' meeting.