Fujian Longking Co., Ltd. (SHSE:600388) announced a private placement of up to 320,718,042 shares for gross proceed of up to CNY 2,800,000,000 on January 18, 2021. The company entered into a subscription agreement with returning investor Longking Industrial Group Co., Ltd. for gross proceeds of up to CNY 500,000,000. In total, the transaction will include participation from not more than 35 specific investors. The transaction has been reviewed and approved at the second meeting of the company's ninth board of directors, and still needs to be approved by the shareholders' meeting and the China Securities Regulatory Commission. The shares subscribed by Longking Industrial Group Co., Ltd shall not be transferred within 18 months from the end of the issuance, and the shares subscribed by other investors shall not be transferred within 6 months from the end of the issuance.