Weihai New Beiyang Digital Technology Co., Ltd announced a private placement of 50,000,000 shares at a price of CNY 3.5 per share for gross proceeds CNY 175,000,000 on April 26, 2018. The transaction will involve participation from existing investor, Shandong New Beiyang Information Technology Co., Ltd. (SZSE:002376). Pursuant to the transaction, the registered capital of the company will increase from CNY 50,000,000 to CNY 100,000,000. The company reported total assets of CNY 563,580,052.06, total liabilities of CNY 388,481,229.23, net assets of CNY 175,098,822.83, 2017, revenues of CNY 587,773,386.30 and net profit of CNY 58,510,919.15 for the year ended December 31, 2017.