Weihai New Beiyang Digital Technology Co., Ltd. announced a private placement of 10,963,700 shares at CNY 2.03 per share for gross proceeds of CNY 22,256,311 on April 19, 2016. The transaction will include participation from existing investor, Shandong New Beiyang Information Technology Co., Ltd. (SZSE:002376). Pursuant to the transaction, the investor will hold 91.19% stake in the company, up from 69.17% stake.

The company's registered capital will be increased from CNY 39,036,300 to CNY 50,000,000. The investor will acquire 21.9274% stake in the company through this transaction. The transaction has been approved in 10th meeting of the 5th directorate of the investor company and doesn't need shareholders' approval.

The company reported total assets of CNY 22,061.85, net assets of CNY 5,903.23, revenue of CNY 16,362.16, and net profit of CNY -880.98 for the year ended December 31, 2015.