Hangzhou Quanren Education Group Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 100,000,000 on April 23, 2018. The transaction will include participation from Jiangsu Xiuqiang Glasswork Co., Ltd. (SZSE:300160). CNY 50,000,000 will go towards registered capital and CNY 50,000,000 to capital reserve. After this transaction, the registered capital of the company will become CNY 100,000,000. The transaction was approved by the investor company board of directors in its 23rd meeting of the 3rd directorate. The company has recorded total assets of CNY 245,057,700, net assets of CNY 68,141,000, operational income of CNY 70,348,600 and net profit of CNY 19,809,200 for the period ended December 2017.