Traffic Control Technology Co., Ltd. (SHSE:688015) announced a private placement of not exceeding 32,000,000 A shares of par value of CNY 1 for total gross proceeds not more than CNY 1,000,000,000 on November 17, 2020. The transaction included participation from not more than 35 special investors including Beijing Infrastructure Investment Co.,Ltd. The company has entered into agreement with the Beijing Infrastructure Investment Co.,Ltd. Issuance price will be not lower than 80% of the average price of the companys shares as of 20 trading days since issuance date. The transaction was approved by board of directors at 20th meeting of the 2nd directorate and 17th meeting of the second board of supervisors of the company. The transaction is subjected to approval of shareholders, Shanghai Stock Exchange and the China Securities Regulatory Commission. The securities issued are subjected to hold period of 18 months for shares issued to Beijing Infrastructure Investment Co.,Ltd, and 6 months for other shares. The transaction will be valid for 12 months since approval from the shareholders meeting of the company.