Hubei Broadcasting & Television Information Network Co., Ltd. (SZSE:000665) announced that it has signed a subscription agreement for a private placement of 82,564,349 A shares at no less than CNY 20.59 for gross proceeds of CNY 1,699,999,945.91 on September 22, 2015. The transaction will include participation from five designated investors including Sumavision Technologies Co., Ltd. for 9,713,453 shares for gross proceeds of CNY 199,999,997.27. The transaction is subject to the approval of the shareholders of the company and China Securities Regulatory Commission.

The transaction has been approved at the 22nd meeting of 3rd board of directors of Sumavision Technologies Co., Ltd. and does not need its shareholders' approval. The shares to be issued to Sumavision Technologies Co., Ltd. will have a lock up period of 36 months from issuance. The transaction was approved at 28th session of the 8th directorate of the company.