Sichuan Tuopai Shede Wine Co., Ltd. (SHSE:600702) announced a private placement of 131,970,046 A shares at a price of CNY 20.70 per share for gross proceeds of up to CNY 2,731,779,994 on January 20, 2017. The transaction will include participation from Sichuan Tuopai Shede Group Co., Ltd., SkyOcean Holdings Co., Ltd., Daoming Linghuo Peizhi Private Placement Investment Fund, and Hongyi Zunxiang Private Placement Securities Investment Fund for 67,258,937 shares, 45,387,439 shares, 14,492,753 shares, and 4,830,917 shares respectively. The transaction has been approved by the board of directors of the company at its 15th session of the 8th directorate meeting. The company has signed a share subscription agreement with the investors. The shares cannot be transferred within 36 months from the share listing date. The transaction is subject to the approval from its shareholders and China Securities Regulatory Commission.