JL Mag Rare-Earth Co., Ltd. (SZSE:300748) announced a private placement of not more than 41,342,418 A shares for gross proceeds of not more than CNY 718,000,000 on May 22, 2020. The transaction will include participation from not more than 35 investors. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares cannot be transferred within six months from the issuance closing date. The transaction has been approved in the 21st meeting of the company's 2nd directorate and is still subject to approval from its shareholder's meeting and China Securities Regulatory Commission.