TianJin ShiJi TianYuan Group Co.,Ltd announced that it has signed subscription agreement for a private placement of 23,420,000 shares at CNY 3.32 per share for gross proceeds of CNY 77,754,400 on September 29, 2016. New investor Wuxi Huaguang Boiler Co., ltd. (SHSE:600475) will acquire 7,500,000 common shares from existing shareholders including Jiang Yi, Liu Yuheng, Wang Luan, Jiang Wenlaing, Dou Hongsheng, Ge Qiang, Wang Na, Li Sihong, Zhang Lihui, Zhang Lihui, Zhou Hao, Li Yangyang, Zhang Kun, Fan Guorong, Wang Jingyang, and Cao Yingdong for 3,050,000, 1,181,250, 375,000, 1,500,000, 375,000, 375,000, 150,000, 75,000, 75,000, 75,000, 75,000, 37,500, 75,000, 40,000, 22,500, and 18,750 shares respectively. The company will issue 15,920,000 new shares to the investor. After the capital increase, the company’s registered capital will increase to CNY 45,920,000. Pursuant to the transaction, the investor shall acquire 51% stake in the company. The transaction has been approved at 17th session of the 1st directorate of company and requires the approval from its shareholders. The transaction has been approved at 5th session of the 6th directorate of the investor and does not require the approval from its shareholders. The company reported total assets of CNY 109,354,600, total liabilities of CNY 68,598,200, owner's equity of CNY 40,756,400, revenues of CNY 75,211,600, and net profit of CNY 186,200 for the year ended December 31, 2015.