Anhui Jiangnan Chemical Industry Co., Ltd. (SZSE:002226) announced a private placement of common shares for gross proceeds of CNY 1,200,000,000 on January 23, 2017. The company will issue A shares to not more than 10 specific investors in the transaction. The issue price for the shares will not be lower than 90% of the average price of the company's shares 20 days prior to the first day of issuance. The transaction has been approved by the company at the 10th session of its 4th directorate meeting. The shares will be subject to a lock up period of 12 months from the date of listing of the shares.