Jiangsu Newamstar Packaging Machinery Co.,Ltd announced a private placement of not more than 68,400,000 A shares for gross proceeds of not more than CNY 400,000,000 on May 29, 2020. The transaction will include participation from not more than 35 specific investors. The par value of the shares is CNY 1 per share. The company will issue shares at a price not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period. All shares to be issued will be subject to a lock-up period of six months. The transaction has been approved in the eleventh meeting of the third directorate of the company, and is subject to approval of the company's shareholders and China Securities Regulatory Commission. The resolution is valid for twelve months from the date of approval in shareholders meeting.