Xinjiang Machinery Research Institute Co., Ltd. (SZSE:300159) announced a private placement of not more than 298,072,040 class A common shares for gross proceeds of not more than CNY 1,200,000,000 on July 16, 2019. The transaction will include participation from returning investor, Jiaxing Huakong Tenghui Equity Investment Partnership Enterprise (Limited Partnership), a fund managed by Khorgos Huakong Venture Capital Co., Ltd. Pricing reference date will be the first day of issuance. Issue price for the shares to be issued shall not be lower than 90% of the average stock price 20 trading days before the pricing reference date. The shares to be issued will have a lock-up period of 36 months after issuance completion date within which they cannot be transferred. The transaction has been approved at its 4th directorate in its 4th meeting. The transaction is subject to approval from the company’s shareholders and from China Securities Regulatory Commission.