Sino-Australian Agricultural Technology Development Co., Ltd. entered into framework agreement with new investor, Great China International Holdings Inc. for private placement of 14,070,000 shares at CNY 2.66 per share for gross proceeds of CNY 37.4795 million on May 15, 2016. The investor will acquire 11.12% stake in the transaction. Frank Jiang, the controlling stockholder of Great China International Holdings Inc. and one of its officers and directors is the beneficial owner of 33.11% of the equity in Sino-Australian Agricultural Technology Development Co., Ltd., which will represent approximately 29.43% of the equity after the investment.