Shenzhen Cheng Chung Design Co., Ltd. (SZSE:002811) announced a private placement of not exceed 81,004,642 shares for gross proceeds of not exceeding CNY 340,000,000 on July 6, 2020. Issuance price will be not lower than 80% of the average price of the company’s shares as of 20 trading days since issuance date. The transaction included participation from returning investor Shenzhen Yatai Yizhao Investment Co., Ltd. and not more than 35 specific investors in the transaction. The company will issue not more than 30% of the total share capital prior to the transaction. The shares issues will have a hold period of 18 months from the date of closing for Shenzhen Yatai Yizhao Investment Co., Ltd. and 6 months for other investors. The transaction has been approved by 23rd meeting of the third board of directors supervisors, and is subject to shareholder and China Securities Regulatory Commission approvals.