Shanghai Tongji Construction Co.,Ltd announced a private placement of common shares for gross proceeds of CNY 150 million on August 28, 2020. The transaction will include participation from returning investor Shanghai Tongji Science & Technology Industrial Co.,Ltd (SHSE:600846). Upon completion, the registered capital of the target company will be CNY 300 million and the company will remain a wholly owned subsidiary of the investor. The transaction needs to reviewed by the company's board of directors.