TIANJIN FUTONG XINMAO SCIENCE&TECHNOLOGY CO.,Ltd. (SZSE:000836) announced a private placement of not more than 240,000,000 A shares for the gross proceeds of CNY 680,000,000 on July 20, 2020. The transaction will include participation from not more than 35 investors including existing investor Zhejiang Futong Technology Group Co., Ltd. for not less than 15% of the number of shares issued. The shares issued in the transaction does not exceed 30% of the company's total share capital before the issuance. The shares issued in the transaction have the hold period of 18 months for Zhejiang Futong Technology Group Co., Ltd. and six months for other investors from the date of completion of the issuance. The transaction has been approved at the 20th meeting of the company’s eight directorate and is subject to approval by the company’s shareholders meeting and by the China Securities Regulatory Commission.