Yuan Long Ping High-Tech Agriculture Co., Ltd. announced a private placement of not more than 135,000,000 class A common shares for gross proceeds of not more than CNY 1,700,000,000 on April 8, 2020. The transaction will include participation from not more than 35 investors, all the investors will subscribe in cash. The issuance price will be not lower than 80% of the average price of the company’s shares as of 20 trading days since issuance date. The shares issues will have a hold period of 6 months from the date of closing. The transaction has been approved by the board of directors in its 40th special meeting of 7th directorate and is subject to approval of shareholders of the company in its 2nd extraordinary general meeting of 2020 to be held on April 23, 2020 and the China Securities Regulatory Commission.