Shenzhen Prince New Materials Co., Ltd. (SZSE:002735) announced a private placement for gross proceeds of not more than CNY 220,000,000 on September 18, 2019. The company will issue not more than 14,270,123 A shares in the transaction. The transaction will include participation from Jiangsu Manjiang Bitou Technology Development Co., Ltd for not more than CNY 150,000,000 and Guangzhou Minglei Junxin Asset Management Co., Ltd. for not more than CNY 70,000,000. The shares to be issued in the transaction must not be transferred within 36 months after the issuance. The transaction is subject to approval from company’s shareholders’ meeting and the China Securities Regulatory Commission. The transaction was approved by the 9th session of the company’s 4th directorate meeting.