Shangying Global Co., Ltd. (SHSE:600146) announced that it has entered into conditional share subscription contract for a private placement of not more than 124,548,734 A shares at a price of CNY 11.08 per share for gross proceeds of CNY 1,379,999,972.72 on March 9, 2020. The transaction will include participation from Shanghai Tongyun Enterprise Development Center for 42,870,036 shares for proceeds of CNY 474,999,998.88, Hangzhou Hongfan Investment Partnership (Limited Partnership) for 28,429,602 shares for proceeds of CNY 314,999,990.16, Shanghai Xiaoxiang Investment Management Co., Ltd. for 25,270,758 shares for proceeds of CNY 279,999,998.64, Zhejiang Zhicheng Trading Company for 13,537,906 shares for proceeds of CNY 149,999,998.48, Shanghai Zhumeng Intelligent Technology Co., Ltd. for 9,927,797 shares for proceeds of CNY 109,999,990.76, Shanghai Fushide Electronic Engineering Co., Ltd. for 2,707,581 shares for proceeds of CNY 29,999,997.48 and Shanghai Minlai Trade Center for 1,805,054 shares for proceeds of CNY 19,999,998.32. The shares are being issued at premium to par value of CNY 1 per share and are subject to a lock-up period of 18 months from the date of issuance. The transaction has been approved in the 54th meeting of the 7th directorate and is still subject to approval of shareholders and China Securities Regulatory Commission. The validity of the shareholder’s resolution is 12 months from the date of deliberation and approval by the company's shareholders.