Zhejiang Sanhua Intelligent Controls Co., Ltd. (SZSE:002050) announced a private placement of common shares for gross proceeds of not more than CNY 1,322,310,000 on April 11, 2017. The transaction will include participation from not more than 10 investors. The transaction has been approved at its 23rd extraordinary meeting of the 5th directorate and is further subject to be approved by the company’s shareholders and China Securities Regulatory Commission. The company announced that it will hold its 1st Extraordinary General Meeting of 2017 on April 27, 2017 to approve the transaction.