Yunnan Yuntianhua Co., Ltd. (SHSE:600096) announced a private placement of not more than 1,430,775,900 shares for gross proceeds not exceeding CNY 2,084,599,100 on March 2, 2020. The transaction will include participation from not more than 35 investors, including returning investor Yuntianhua Group Co., Ltd. for not less than 20% of the total gross proceeds. The company and Yuntianhua Group Co., Ltd. have entered into a subscription agreement pursuant to the transaction. The issuance price will be not lower than 80% of the median market price of the company’s shares as of 20 trading days since. All shares to be subscribed by Yuntianhua Group Co., Ltd. will be subject to a hold period of 18 months, and all shares to be issued to other investors will be subject to a hold period of 6 months from the date of the issuance. The transaction has been approved in the 11th extraordinary meeting of the 8th directorate of the company and is subject to approval from the company's shareholders and China Securities Regulatory Commission.