Shanghai Laiyifen Co.,Ltd (SHSE:603777) announced a private placement of not more than 101,720,329 common shares for gross proceeds of not more than CNY 500,000,000 in April 2020. The transaction will involve participation from not more than 35 specific investors. The issue price is not less than 80% of the average price of the company's stock transactions 20 trading days before the pricing base date. All securities issued in the transaction has the hold period of six months from the date of issuance. The transaction has been approved at the fifth meeting of the fourth meeting of the board of directors of the company. The transaction still needs to be approved by the company's shareholders' meeting and approved by the China Securities Regulatory Commission. The present plan is valid for 12 months since approval from the shareholders’ meeting of the Company.