Troy Information Technology Co., Ltd. (SZSE:300366) announced a private placement of not more than 157,672,845 class A shares for a gross proceeds of not more than CNY 1,000,000,000 on April 27, 2020. The transaction will involve participation from not more than 35 special investors. The share issue price shall not be lower than 80% of the average trading price of the company's stocks in the 20 trading days before the pricing reference date. The shares to be issued in the transaction have a par value of CNY 1 per share. The share issued in the transaction will have a lock up period of 6 months. The transaction is subject to the approval of shareholders in its 2019 annual general meeting to be held on May 19, 2020 and China Securities Regulatory Commission. The transaction has been approved by the board of directors of the company in its 6th meeting of the 4th directorate. The resolution of this issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.