Zhejiang Renzhi Co., Ltd. (SZSE:002629) announced a private placement of not more than 123,584,400 A shares at a price of CNY 1.73 per share for the gross proceeds of CNY 213,801,012 on November 13, 2020. The price is not less than 80% of the average stock trading price of the 20 trading days before the pricing base date. The transaction include participation from existing investor Pingda New Material Co., Ltd. and will hold 38.27% stakes of the company from 19.76% stake in the company. The securities issued in the transaction shall not be transferred within 36 months from the date of issuance. The transaction has been approved at at the ninth meeting of the company's sixth directorate, and subject to approval from the company’s general meeting of shareholders and the China Securities Regulatory Commission.