Xiamen Jihong Package Technology Ltd. (SZSE:002803) announced a private placement of not more than 23,200,000 common shares for gross proceeds of not more than CNY 900,000,000 on April 8, 2018. The transaction will include participation from not more than 10 specific investors. The securities being issued are subject to a hold period of 12 months. The transaction was approved by the board of directors of the company at the 20th session of the 3rd directorate meeting. The transaction is subject to approval by the shareholders of the company and China Securities Regulatory Commission.