Jiangsu Xinquan Automotive Trim Co., Ltd. (SHSE:603179) announced that it will issue common shares for gross proceeds of not more than CNY 1,198,939,100 on May 15, 2020. The shares will be issued at a price not lower than 80% of the median market price of the company’s shares as of 20 previous days to issuance date. The transaction will include participation from not more than 35 specific investors. The shares issued will be subject to restriction period of 6 months from the date of issuance. The transaction has been approved at the 28th meeting of 3rd board of directors, 18th meeting of 3rd board of supervisors of the company and is subject to approval from shareholders and the China Securities Regulatory Commission.