KAISA Jiayun Technology Inc. (SZSE:300242) announced a private placement of not more than 190,366,567 A shares for gross proceeds of CNY 674,000,000 on February 22, 2020. The issue price of shares is not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from Zhang Bing for 37,100,000 shares and existing investor Shenzhen Yihao Cangjiasu Network Co. Ltd. for 153,266,567 shares. The shares issued to Shenzhen Yihao Cangjiasu Network Co. Ltd. are subject to restriction period of 36 months and the shares issued to Zhang Bing are subject to restriction period of 18 months from the date of closing. The transaction has been approved in the 28th meeting of the company's 4th directorate and is subject to approval from shareholders and China Securities Regulatory Commission.