Shenzhen Silver Basis Technology Co., Ltd. (SZSE:002786) announced a private placement of 114,372,000 A common shares for the gross proceeds of CNY 772,220,000 on May 14, 2020. The transaction will include participation from not more than 35 investors and persons acting in concert can subscribe to a maximum of 74,341,800 shares. The issuance price will be not lower than 80% of the average price of the company’s shares as of 20 trading days since issuance date. The company will issue not more than 30% of the total share capital prior to the transaction. The securities issued in the transaction cannot be transferred within 6 months from the closing. The transaction has been approved by board of directors of the company at 18th meeting of 4th directorate and subject to approval from the shareholders meeting and the China Securities Regulatory Commission. On June 15, 2020, the company announced that China Securities Regulatory Commission has accepted the application for review of shares issuance in the transaction.