Shanghai Kelai Mechatronics Engineering Co.,Ltd (SHSE:603960) announced a private placement of shares for gross proceeds of not more than CNY 50,000,000 on January 1, 2020. The transaction will include participation from not more than 10 investors. The shares to be issued in the transaction will carry a lock in period of 12 months from the issuance date. The transaction was approved at the fifth meeting of the 3rd session of the board of directors of the company. The transaction is subject to approval from the shareholders of the company at its 1st special shareholder's meeting of 2020 to be held on February 5, 2020, and the China Securities Regulatory Commission.