Shanghai New Culture Media Group Co., Ltd. (SZSE:300336) announced a private placement of not more than 160,000,000 A shares for gross proceeds of not more than CNY 500,000,000 on September 30, 2019. The shares will be issued at a price not be lower than 90% of the median market price of the company´s shares as of 20 previous days from issuance date. The transaction will include participation from Shanghai Shuangchuang Culture Film and Television Enterprise Management Center (Limited Partnership), Shanghai Wenpeng Venture Capital Partnership (Limited Partnership), Shanghai Yipa Enterprise Consulting Office, Shanghai Weimeng Investment Management Co., Ltd. and individual investor Chen Qiang. The transaction has been approved in the 6th meeting of the 4th directorate of the company, and is subject to approval from the company’s shareholders and the China Securities Regulatory Commission. All the securities issued in the transaction will have a lock in period of 36 months since issuance. The validity period is of 12 months from the date of the approval of the transaction in the general meeting of shareholders of the company.