Zhejiang Coloray Technology Development Co., Ltd announced a private placement of shares of gross proceeds of CNY 172,240,349 with existing investor Coloray International Investment Co., Limited (KOSDAQ:A900310) on August 22, 2017. The shares are allotted by way of third party capital increase method. The transaction is expected to close on August 21, 2019. The transaction has been approved by the board of directors of the company. The transaction is subject to approval from Chinese government. Post the closing the company will retain its 100% stake in the company. The company reported total assets of CNY 301,472,659.0, total liabilities of CNY 60,179,535.32, total capital of CNY 241,293,123.68, capital of CNY 34,938,981.46, sales amount of CNY 228,960,337.949, and net profit of CNY 113,066,181.648 for the year ended December 31, 2016.