Lanhai Medical Investment Co., Ltd. (SHSE:600896) announced a private placement of not more than 260,729,722 common shares for gross proceeds of not more than CNY 800,000,000 on March 7, 2020. The transaction will include participation from not more than 35 specific investors. The issue price of the transaction will not be lower than 80% of the median market price of the company's shares as of 20 previous days to issuance date. The transaction is subject to approval from the board of directors, shareholders of the company and the China Securities Regulatory Commission.