Shanghai Distrii Technology Development Co., Ltd. has entered into an agreement with new investor City Developments Limited (SGX:C09) for private placement of common shares for gross proceeds of CNY 72 million on January 19, 2017. As a part of the transaction, the investor will acquire 24% stake in the company. The transaction would take place in tranches subject to the satisfaction and/or waiver of certain conditions precedent for each tranche.