Xinglong Holding (Group) Company Ltd. (SZSE:000955) announced that it signed a share subscription agreement of not more than 89,000,000 shares for the gross proceeds of not more than CNY 668,390,000 on September 16, 2020. The transaction will include participation from existing investor Jiaxing Paradise Silicon Valley Equity Investment Co., Ltd.. Post completion of transaction, the investor will hold 22.12% stakes and will acquire 12.88% stakes in the company. The securities issued in the transaction cannot be transferred within 18 months from the issuance closing date. The issue price will not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction has been approved at 15th Meeting of the Company's 7th Directorate and 13th meeting of 7th board of supervisors of the company and subject to approval from shareholders meeting and the China Securities Regulatory Commission.