Nanjing Xiuqiang Education Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 100,000,000 on December 29, 2017. The transaction will involve participation from retuning investor Jiangsu Xiuqiang Glasswork Co., Ltd. (SZSE:300160). Of the total gross proceeds CNY 50,000,000 will go to registered capital and the remaining CNY 50,000,000 shall be added to capital reserve. Post the closing of the transaction, the registered capital of the company will increase from CNY 50,000,000 to CNY 100,000,000. The transaction was approved by the investor in the 20th session of its 3rd directorate meeting and further does not need approval from its shareholders meeting. The company reported total assets of CNY 23,923,661.38, total liabilities of CNY 5,094,549.66, net assets of CNY 18,829,111.72, revenue of CNY 627,363.23, and net loss of CNY 3,162,542.56 for the year ended December 31, 2016.