Shandong Mining Machinery Group Co., Ltd (SZSE:002526) announced a private placement of 109,465,000 A shares at CNY 9.16 per share for gross proceeds of CNY 1,002,699,400 on January 23, 2017. The transaction will include participation from Lhasa Economic and Technological Development Zone Lukuang Venture Capital Management Co., Ltd. for 93,089,500 shares and Tonglu Yanhua Investment Management Partnership (Limited Partnership) for 16,375,500 shares. The securities issued are subject to hold period of 36 months from the date of issue. The transaction has been approved by the board of directors of the company at its 18th session of its 3rd directorate. The transaction is subject to board of directors’ approval, shareholders’ approval, and the China Securities Regulatory Commission approval.