Fujian Haiyuan Composites Technology Co.,Ltd. (SZSE:002529) announced a private placement of not more than 48 million A shares at a issue price of CNY 5.66 for gross proceeds of CNY 271,680,000 on March 23, 2021. The transaction included participation from Gan Shengquan for 34 million shares for CNY 192,440,000 and SPIC Science and Technology Research Institute Co., Ltd for 14 million shares for CNY 79,240,000. The issuance price of this of stocks shall not be lower than 80% of the average stock trading price of the 20 trading days before the pricing base date. The transaction was approved in eighth meeting of the company's fifth board of directors. The transaction is subjected to the approval of shareholders and China Securities Regulatory Commission. The shares issued are subjected to 18 months hold period, from the date of completion of the issuance.