Guangdong Golden Dragon Development Inc. (SZSE:000712) announced a private placement of not more than 264,000,000 A shares at a price of CNY 13.47 per share for gross proceeds of not more than CNY 3,556,080,000 on August 4, 2020. The transaction will include participation from returning individual investor Zhu Fenglian. At present investor holds 14.74% stake in the company. The shares cannot be transferred within 3 years from the issuance closing date. The transaction was approved at its 22nd (extraordinary) meeting of the 8th directorate. The transaction is subject to the approvals of the shareholders meeting and the China Securities Regulatory Commission. The company and investor signed share subscription agreement in the transaction.