Guangdong Silver Age Sci & Tech Co.,Ltd. (SZSE:300221) announced that it has entered into share subscription agreement for a private placement of not more than 45,000,000 class A common shares at a issue price of CNY 4.57 for gross proceeds of not more than CNY 205,650,000 on February 28, 2020. The transaction will include participation from Shi Lei for 35,000,000, for CNY 159,950,000 and Lin Dengcan, Director for 10,000,000 shares, for CNY 45,700,000. The shares are subject to a hold period of 18 months from the date of closing. The transaction has been approved by the board of directors in the 25th meeting of the 4th directorate. The transaction is subject to the approval of the shareholders and the China Securities Regulatory Commission.