Zhejiang Siwei Pharmaceutical Technology Co., Ltd announced a private placement of common shares for gross proceeds of CNY 50,000,000 on February 13, 2017. The transaction includes participation from existing investor Zhejiang Jiuzhou Pharmaceutical Co., Ltd (SHSE:603456). Post the closing, the registered capital of the company will increase from CNY 50,000,000 to CNY 100,000,000 and the investor will maintain 100% stake in the company. The transaction was approved by the board of directors of the company at the 6th directorate’s 4th meeting of the investor. The transaction does not need approval from the shareholders. The company reported total assets of CNY 122,058,500, net assets of CNY 78,096,400, revenue of CNY 128,913,800, and net profit of CNY 1,435,800 for the year ended December 31, 2017.