China Chuanglian Education Financial Group Limited (SEHK:2371) announced that it has entered into a subscription agreement for private placement of 326,000,000 common shares at HKD 0.092 per share for gross proceeds of HKD 29,992,000 on January 4, 2018. The transaction will include participation from new investor Sheng Yuan Asset Management Limited to acquire 6.56% enlarged stake in the company. The company will issue shares at premium. The securities issued are subject to six months hold period. The completion of the transaction is subject to fulfillment of precedent conditions. If the precedent conditions are not fulfilled on or before February 1, 2018 then the company may terminate the agreement. The company will complete the transaction within ten business days from the day of fulfillment of precedent conditions. The company will pay expenses of HKD 300,000 and will receive net proceeds of HKD 29,700,000 in the transaction.