Tuopu Do Brasil Autopeças Ltda. announced a private placement of common shares for gross proceeds of $4,900,000 on May 18, 2017. The transaction will include participation from Ningbo Tuopu Group Co., Ltd. (SHSE:601689). The transaction has been approved by the board of directors of the investor at its 2nd directorate in its 32nd meeting. The transaction is not subject to shareholders’ approval of the investor.