Tianguang Zhongmao Co., Ltd. (SZSE:002509) announced a private placement of shares for gross proceeds of CNY 415 million on March 20, 2017. The transaction included participation from 10 investors including Tianguang Zhongmao No. 1 Collective Asset Management Plan, which committed to invest not less than CNY 50 million and not more than CNY 100 million. The shares subscribed by Tianguang Zhongmao No. 1 Collective Asset Management Plan cannot be transferred within 36 months from the listing date, and the shares the other investors subscribe to cannot be transferred within 12 months from the listing date. The transaction has been approved in its 10th meeting of the 4th directorate of the company. The transaction is subject to second approval from company’s directorate, shareholders of the company, and China Securities Regulatory Commission.