Wuhan DDMC Culture & Sports Co.,Ltd. (SHSE:600136) announced a private placement of 175,385,586 A shares at a price of CNY 6.01 per share for gross proceeds of CNY 1,054,067,371.86 on September 28, 2020. The transaction will involve participation from returning investor Wuhan Xinxing Hanyi Chemical Industry Co., Ltd. The company will not issue more than 30% of the total share capital. The shares issued in the transaction will will have a hold period of 36 months from the closing date. The transaction has been approved by the 4th meeting of the 9th supervisory board and at the 10th meeting of the company’s 9th directorate, and is subject to the approvals at the shareholders meeting and by the China Securities Regulatory Commission. On October 9, 2020, the company announced that the transaction will be approved by the 2nd special Shareholders' Meeting of 2020 to be held on October 26, 2020.