Baofeng Group Co., Ltd. (SZSE:300431) announced a private placement of not exceeding 50,000,000 A shares at CNY 40 per share for gross proceeds of CNY 2,000,000,000 on August 25, 2016. The transaction will include participation from not more than five specific investors. The transaction has been approved by the board of directors of the company at its 28th session of the 2nd directorate. The transaction is subject to shareholders’ approval at its shareholders’ meeting and the China Securities Regulatory Commission approval.