Zhangjiagang Furui Special Equipment Co., Ltd. (SZSE:300228) announced a private placement to issue maximum of 141,000,000 shares for gross proceeds not exceeding CNY 501,073,600 on April 28, 2020. The transaction will include participation from not more than 35 specific investors including the company's 12 management personnel. The company entered into a subscription agreement with the 12 management personnel who will invest not less than CNY 30,000,000 in the transaction of which Huang Feng will invest CNY 10,000,000, Li Xin for CNY 4,000,000, Yang Bei for CNY 4,000,000, Jiao Kangxiang for CNY 3,000,000, Jiang Yan for CNY 2,000,000, Song Qingshan for CNY 1,000,000, Ma Jun for CNY 1,000,000, Li Xiaofeng for CNY 1,000,000, Feng Shigong for CNY 1,000,000, Li Huaibing for CNY 1,000,000, Zhang Youbing for CNY 1,000,000, Fu Xudong for CNY 1,000,000. The issue price shall be not lower than 80% of the average price of the company's stock transactions 20 trading days before the fixed price reference day. The shares issued in the transaction shall have a hold period of 6 months from the date of issuance. The transaction has been approved a the 36th meeting of the 4th board of directors of the company. The transaction still needs to be approved by the shareholders of the company in its 2nd extraordinary general meeting to be held on May 15, 2020, and China Securities Regulatory Commission.