Hubei Forbon Technology Co.,Ltd. (SZSE:300387) announced a private placement of not more than 87,539,105 A shares for a gross proceeds of not more than CNY 439,900,000 on April 25, 2020. The transaction will include participation from not more than 35 investors. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares issued in the transaction cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 8th meeting of the 3rd directorate and the 8th meeting of the 3rd supervisory board. The transaction is subject to the approval of the shareholders and approval of the China Securities Regulatory Commission.