Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. (SZSE:002555) announced a private placement of not more than 105,612,584 shares for gross proceeds of not more than CNY 4,500,000,000 on April 1, 2020. The issue price of the shares will be not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares issued in the transaction are subject to restriction period for 6 months from the date of closing.

The transaction has been approved at 11th meeting of company's 5th directorate and is subject to approval from shareholders of the company and the China Securities Regulatory Commission.