Hangzhou Jiebai Group Co., Limited (SHSE:600814) announced a private placement of not more than 160,990,000 A shares at CNY 5.28 per share for gross proceeds of up to CNY 850,000,000 on January 29, 2013. The transaction size should be not more than 25% of the total transaction amount of asset acquisition of Hangzhou Commercial Tourism Group Co., Ltd. Not more than 10 specific investors will participate in the transaction. The investors will not transfer their shares within 12 months from the closing date. The transaction was approved at the company's 10th session of its 7th board of directors' meeting. The transaction is still subject to the approval from the China Securities Regulatory Commission and company's shareholders.

On July 26, 2013, the company announced that it will issue not more than 147,792,706 shares at a price of not less than CNY 5.21 per share for gross proceeds of not more than CNY 770,000,000. China Securities Co., Ltd. will act as an independent financial advisor to the company. Grandall Law Firm (Hangzhou) will act as the legal advisor to the company. Pan-China Certified Public Accountants Co., Ltd. will act as an accountant to the company. The transaction was approved at the company's 13th session of the 7th directorate meeting. The transaction is still subject to the approval from Zhejiang Province State-owned Assets Supervision and Administration Commission.

On August 23, 2013, the company announced that the transaction has been approved by the State-owned Assets Supervision and Administration Commission of the People's Government of Zhejiang Province.

On August 29, 2013, the company announced that the transaction has been approved at 1st special Shareholders' Meeting of 2013.