Hunan Jiangnan Red Arrow Co., Ltd. (SZSE:000519) announced a private placement of not more than 162,076,000 shares at not less than CNY 14.74 per share for gross proceeds of not more than CNY 2,389,000,240 on December 12, 2015. The transaction will include participation from not more than 10 specific investors including subsidiaries under China North Industries Group Corporation. The transaction was approved at the 16th session of the 9th directorate meeting of the company; China North Industries Group Corporation's internal decision-making bodies; State-owned Assets Supervision and Administration Commission of the State Council; and by State Administration of Science, Technology and Industry for National Defense.

The transaction is further subject to approval from the shareholders of the company, State-owned Assets Supervision and Administration Commission of the State Council, and the China Securities Regulatory Commission.