Hunan Dakang International Food & Agriculture Co., Ltd. (SZSE:002505) announced a private placement of not more than 1,097,074,440 common shares for gross proceeds of not more than CNY 2,880,000,000 with existing investor Shanghai Pengxin Agricultural Investment (Group) Co., Ltd. on January 15, 2019. The investor will hold 28.63% stake upon closing increasing from existing 14.36% stake. The number of outstanding shares will increase from 5,485,372,200 shares to 6,582,446,640 shares upon closing. The issuance price will be not lower than 90% of the median market price of the company’s shares as of 20 previous days to issuance date. The transaction has been approved by the board of directors at its 27th meeting of the 6th directorate. The transaction is subject to approval of shareholders in a extra-ordinary general meeting to be held on February 1, 2019.