Guangzhou Grandbuy Co., Ltd. (SZSE:002187) announced a private placement of not more than 84,848,484 common shares, not more than 30% of total share capital, at a price of CNY 8.25 per share for gross proceeds not more than CNY 700,000,000 from China Life Insurance Company Limited (SEHK:2628) on June 12, 2020. The shares cannot be transferred within 18 months. The transaction has been approved at the 23rd Meeting of the 6th Directorate and the 16th Meeting of the 6th Supervisory Board and is subject to approval by the Assets Supervision and Administration, company's Directorate’s Approval, China Securities Regulatory Commission approval, and other necessary approvals.