Shenzhen Kingsun Science & Technology Co.,Ltd (SZSE:300235) announced a private placement of not more than 50,000,000 A shares for gross proceeds of not more than CNY 450,000,000 on April 7, 2020. The transaction will include participation of not more than 35 investors in the transaction. The transaction has been approved in the 9th meeting of the 4th board of directors of the company and is subject to be approved by the company's shareholders' meeting and by the China Securities Regulatory Commission. The issue price will not be less than 80% of the average price of the company's stock transactions 20 trading days before the pricing base date. The company will pay issuance fees of CNY 45,000,000 brining the proceeds of CNY 405,000,000. The securities issued shall not be transferred within six months from the end of the issue.