Shanghai LongYun Media Group Co., Ltd. announced a private placement of 28,000,000 A shares at a price of CNY 8.11 per share for a gross proceeds of not exceeding CNY 227,080,000 on June 9, 2021. The transaction will include participation from returning individual investor Duan Peizhang who directly owns 24.74% stake in the company. The transaction has been approved in the ninth meeting of the fifth board of directors and the ninth meeting of the fifth board of supervisors of the company. The transaction is still needs to be approved by the shareholders of the company and from the China Securities Regulatory Commission. The shares subscribed by the investor have a lockup period of 36 months from the completion date of the equity registration. On June 10, 2021, the company announced the agreement is in force conditions with specific objects for subscription of non-public shares issuance.