Spring Airlines Co., Ltd. (SHSE:601021) announced a private placement of not more than 91,512,239 A shares at CNY 43.71 per share for gross proceeds of not more than CNY 3,999,999,966.69 on August 22, 2016. The transaction will include participation from not more than 10 specific investors. The company expects to incur certain issuance handling fees as part of the transaction. The shares issued as part of the transaction will have a lock up period of 12 months from the date of closing. The transaction was approved at the 20th session of the 2nd directorate meeting of the company. The transaction is further subject to approval from the shareholders of the company at its 2nd extraordinary general meeting of 2016 on September 27, 2016, the China Securities Regulatory Commission, and CAAC East China Regional Administration.