Xinxiang Chemical Fiber Co., Ltd. (SZSE:000949) announced private placement of no more than 377,296,800 A shares for gross proceeds of up to CNY 1,200,000,000 on November 13, 2020. The transaction will include participation from no more than 35 specific investors. The transaction has been reviewed and approved at the seventh meeting of the company's tenth directorate.

The transaction is subject to approval of the competent state-owned regulatory authority or state-funded enterprise, the review of the company's shareholders meeting, and the approval of the China Securities Regulatory Commission. The validity period is 12 months from the date of approval by the company's shareholders' meeting. The shares are subject to a lock-up period of 36 months.