Xi'an ChenXi Aviation Technology Corp., Ltd. (SZSE:300581) announced that it has entered into a subscription agreement with the investors for the private placement of not more than 45,214,770 shares at an issue price of CNY 13.27 per share for gross proceeds of not more than CNY 600,000,000 on July 26, 2020. The transaction will involve participation from Nanjing Runke Industry Investment Co., Ltd. and Shaanxi Private Economy High Quality Development Relief Fund Partnership Enterprise (L.P.), a fund managed by Shaanxi Investment Fund Management Co., Ltd. for 22,607,385 shares for gross proceeds of CNY 300,000,000 each. The shares to be issued will be on hold for 18 months from the closing of the transaction. The transaction has been approved by the board of directors of the company in its tenth meeting of the third board of directors and is still subject to approval of its general meeting of shareholders, National Defense Technology Industry Bureau, Shenzhen Stock Exchange, and by the China Securities Regulatory Commission.