Grand Field Group Holdings Limited (SEHK:115) announced private placement of of 90,468,877 shares at a price of HKD 0.27 per share for gross proceeds of HKD 24,426,596.79 on January 12, 2017. The company has entered into subscription agreement with new investor Xin Zailian for 65,513,322 shares, acquiring 5.77% stake and existing investor Chen Guoqin for 24,955,555 shares, acquiring 1.95% stake. The shares are of par value HKD 0.1 per share. The transaction is expected to close within three business days from date of completion of all conditions to the agreement which will not be later than January 23, 2017. The securities issued are subject to hold period of 24 months. The company will pay expenses of HKD 49,999.79 in the transaction.