Suzhou Secote Precision Electronic Co., Ltd. (SHSE:603283) announced a private placement of common shares for gross proceeds of not more than CNY 140 million on November 8, 2018. The transaction will include participation from not more than 10 specific investors. The transaction was approved at the 6th meeting of the 2nd directorate of the company. The transaction is further subject to approval from the shareholders of the company. The shares issued as part of the transaction will carry a lock in period of 12 months from the date of issue.