Joincare Pharmaceutical Group Industry Co.,Ltd. (SHSE:600380) announced that it has entered into agreement to issue no more than 169,350,000 shares at issue price of CNY 12.83 per share for an aggregate gross proceeds of CNY 2,172,760,500 on July 12, 2020. The transaction will include participation from new investor, Hillhouse China Value Fund, L.P., a fund managed by Hillhouse Capital Management, Ltd. to acquire 8% stake in the company. The shares have a lock up period of 18 months. The transaction has been reviewed and approved at the 29th meeting of the seventh board of directors and the twenty-fourth meeting of the seventh supervisory committee. The transaction still need to be approved by the company’s shareholders’ meeting and the China Securities Regulatory Commission.