Guangzhou Poly Reform Investment Co., Ltd. announced a private placement of common shares for gross proceeds of up to CNY 1,000 million on August 13, 2019. The transaction will include participation from returning investor Poly Developments and Holdings Group Co., Ltd. (SHSE:600048) to retain 100% stake in the company. The transaction has been approved in the 24th meeting of the 5th directorate meeting of the investor.