Aotecar New Energy Technology Co., Ltd. (SZSE:002239) announced a private placement of common shares for gross proceeds of not more than CNY 1,550,000,000 on January 15, 2017. The transaction will include participation from not more than ten specific investors. The securities issued are subject to hold period of 12 months from the listing date. The transaction has been approved by the board of directors of the company at its 13th session of the 4th directorate and 14th session of the 4th directorate. The transaction is subject to shareholders’ approval at its 2nd Extraordinary General Meeting of 2017 to be held on April 21, 2017 and the China Securities Regulatory Commission approval.