China Animation Characters Company Limited (SEHK:1566) announced that it has entered into a subscription agreement for a private placement of 16,076,000 shares at a price of HKD 3.25 per share for gross proceeds of HKD 52,247,000 on January 6, 2017. The transaction will include participation from new investors, Zhang Hong Wu, who will acquire 1,538,000 shares for a 0.17% stake, Zhu Cong Shuang, who will acquire 1,538,000 shares for a 0.17% stake, and Zhao Tong Tong, who will acquire 13,000,000 shares for a 1.42% stake. The company will receive net proceeds of HKD 52,100,000. If the conditions are not fulfilled by February 15, 2017, the transaction shall stand terminated. The securities will be subject to a hold period of 12 months.