China CIFCO Investment Co., Ltd (SZSE:000996) announced a private placement of A shares for gross proceeds of not more than CNY 2,000,000,000 on January 27, 2021. The transaction will include participation from not more than 35 investors. The shares will have a par value of CNY 1. The price of the shares issued shall not be less than 80% of the average stock price of the company's shares on the 20 trading days prior to the pricing base date. The shares will have a lock up period of six months. The transaction has been approved at the third meeting of its eighth board of directors and is subject to approval from its general meeting of shareholder's and other possible approvals required by relevant laws and regulations.