Zhejiang Qianjiang Biochemical Co., Ltd announced a private placement of not more than 90,420,643 A shares at an issue price of CNY 3.94 per share for gross proceeds of up to CNY 356,257,333 on January 15, 2021. The shares have a par value of CNY1 per share. The transaction will include participation from Haining Water Investment Group Co., Ltd. The securities will be subject to a lock-up period of 36 months. The transaction is subject to approval from general meeting of shareholders and board of directors of the company as well as China Securities Regulatory Commission. The transaction has been approved by the fourth meeting and fifth session of the ninth supervisory committee of the company.