Tongbai Huaxin Mining Industry Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 9,870,000 on July 15, 2017. The transaction will involve participation from returning investors The Fifth Geological Brigade Nonferrous Metal-Geology and Mineral Resources Bureau of Henan for CNY 2,467,500, Guo Liuxi for CNY 585,500, and Zhengzhou Sino-Crystal Diamond Co., Ltd. (SZSE:300064) for CNY 6,817,000. Post the closing of the transaction, Guo Liuxi's stake will dilute from 65% to 45% and Zhengzhou Sino-Crystal Diamond Co., Ltd. (SZSE:300064) will increase from 10% to 30%. The transaction was approved by Zhengzhou Sino-Crystal Diamond Co., Ltd. (SZSE:300064) in the 2nd meeting of its 4th directorate, 2nd meeting of its 4th supervisory board, and is not subject to its shareholders approval. The company reported net assets of CNY 17,506,700 and net loss of CNY 1,372,200 for the year ended December 31, 2016.