Beihai Gofar Marine Biological Industry Co., Ltd. announced a private placement of common shares at a price of CNY 4.17 per share for gross proceeds of CNY 100 million on January 3, 2020. The issue shares not exceeding 20% of the total issued share capital. The transaction will include participation from not more than 10 specific investors. The transaction has been approved by the board of directors of the company in 22nd session of 9th directorate and 14th session of the 9th supervisory board. The transaction is subject to the approvals of the shareholders of the company and the China Securities Regulatory Commission.