DDMC (Hong Kong) Limited announced a private placement of common shares and preferred shares for gross proceeds of $379,871,790 on December 28, 2017. The transaction will include participation from the returning investor Wuhan DDMC Culture Co., Ltd. (SHSE:600136) for common shares for $219,871,790 and new investor Santo Limited for preferred shares for $160,000,000. Post this transaction, registered capital in the company will be $380,000,000. The transaction was approved by the 32nd meeting of the 8th directorate of Wuhan DDMC Culture Co., Ltd. (SHSE:600136). The transaction still needs approval from the shareholders of Wuhan DDMC Culture Co., Ltd. (SHSE:600136) as well as the completion of ODI records from the Hubei Provincial Development and Reform Commission and the Hubei Provincial Department of Commerce.