Ronglian Group Ltd. (SZSE:002642) announced a private placement of not more than 102,710,027 A shares at an issue price of CNY 3.69 per share for gross proceeds of CNY 378,999,999.63 on January 15, 2021. The transaction will include participation from Shandong Jingda Technology Industry Development Co., Ltd. The shares are subject to hold period of 36 months. The transaction has been approved at the 11th meeting of the company?s fifth board of directors and subject to approval by the State-owned Assets Supervision and Administration Department of Shandong Jingda and the company?s shareholders meeting and the China Securities Regulatory Commission.