Shenzhen Ellassay Fashion Co., Ltd. (SHSE:603808) announced private placement of not more than 66,504,422 A shares for gross proceeds of not more than CNY 985,000,000 on November 20, 2019. The transaction will include participation from not more than 10 investors. The shares are subject to lock-up period of 12 months from issuance. The transaction has been approved by the 22nd meeting of 3rd directorate of the company and is subject to the approvals of the shareholders in its 3rd special shareholders' meeting to be held on December 6, 2019 and the China Securities Regulatory Commission.