Shanghai Xuerong Biotechnology Co., Ltd. (SZSE:300511) announced a private placement of not more than 132,608,977 shares of class A for gross proceeds not more than CNY 2,250,000,000 on October 27, 2020. The transaction will include participation from not more than 35 investors. The shares shall be issued at a price which shall not be less than 80% of the average price of the company’s stock on the 20 trading days before the pricing base date. The shares to be issued shall have a hold period of six months from the closing of the transaction. The transaction has been reviewed and approved at the 6th meeting of the company's 4th board of directors. The transaction still needs to be approved by the shareholders of the company at its 8th extraordinary general meeting to be held on November 12, 2020, Shenzhen Stock Exchange, and China Securities Regulatory Commission.