Beijing Hanbang Technology Corp. (SZSE:300449) announced a private placement of minimum of not less than 74,564,725 common shares and maximum of 89,477,669 common shares at an issue price of CNY 5.80 per shares for minimum gross proceeds of not less than CNY 432,475,400 and maximum proceeds of not more than CNY 518,970,480 on June 16, 2021. The transaction include participation from Beijing Muchao Holdings Co., Ltd for all shares in the transaction. The issuance price will not be less than 80% of the average price of the company’s stock price during the 20 trading days prior to the pricing base date. The transaction was approved in 45th meeting of the third board of directors of the company. The transaction is subjected to approval of perform management buy-out procedures, shareholders’ approval. The transaction was approved by Shenzhen Stock Exchange and China Securities Regulatory Commission. The securities are subjected to 18 months hold period. The company entered agreement with investor.