Xiamen Unigroup Xue Co., Ltd. (SZSE:000526) announced a private placement of not more than 28,858,532 A shares for gross proceeds of not more than CNY 1,100,000,000 on July 20, 2020. The transaction will include participation from not more than 35 investors, including Tianjin Jinfeng Cultural Communication Co., Ltd., who will subscribe to 10-45% of the issuance and has signed a share subscription agreement with the company. The shares which will be subscribed by Tianjin Jinfeng Cultural Communication Co., Ltd. cannot be transferred within 18 months and shares subscribed by other investors cannot be transferred within 6 months from the issuance closing date. The transaction has been approved at the company's 15th meeting of the 9th directorate, 7th meeting of the 9th supervisory board and is subject to approvals of the shareholders meeting, 3rd extraordinary general meeting of 2020 which will be held on August 6, 2020 and the China Securities Regulatory Commission.