Shanghai Jin Jiang International Hotels Development Co., Ltd. (SHSE:900934) announced a private placement of not more than 150,000,000 A shares for gross proceeds of not more than CNY 5,000,000,000 on September 2, 2020. The transaction will include participation from not more than 35 investors who meet the requirements of the China Securities Regulatory Commission, including securities investment fund management companies, securities companies, trust investment companies, financial companies, insurance companies, institutional investors, qualified foreign institutional investors, other qualified investors and natural persons. The transaction has been approved at the 29th meeting of the 9th board of directors and 7th meeting of the 9th board of supervisors of the company. The transaction is subject to approval from the state-owned assets supervision and management agency, 1st special shareholders' meeting of 2020 to be held on September 22, 2020, and the China Securities Regulatory Commission. The shares to be issued shall not be transferred within 6 months from the date of completion.