Zhejiang Firstar Panel Technology Co., Ltd. (SZSE:300256) announced that it has entered into a share subscription agreement to issue not more than 287,380,918 A shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date for the gross proceeds of CNY 1,500,000,000 on November 6, 2020. The transaction will include participation from not more than 35 investors including existing investor Pingxiang Fantaike Network Technology Co., Ltd. for proceeds of not less than CNY 700,000,000 or 134,111,095 A shares. Pingxiang Fantaike Network Technology Co., Ltd. currently owns 144,056,026 A shares or 15.04% stake which will increase to not less than 278,167,121 A shares or 22.34% stake and will have a lock-up period of 18 months and shares of other investors cannot be transferred within 6 months from the issuance closing date. The transaction has been approved by company’s 4th directorate in its 15th meeting and 6th Meeting of the 4th supervisory board. The transaction is subject to approval of shareholders in 8th extraordinary general meeting to be held on November 25, 2020, the China Securities Regulatory Commission and the Shenzhen Stock Exchange. On November 23, 2020, the company has postponed the 8th extraordinary general meeting till November 30, 2020.