Hainan Huawen Minxiang Investment Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 1,050 million on September 29, 2020. The transaction will include participation from returning investor Huawen Media Group (SZSE:000793). As a result, company's registered capital will increase from CNY 165 million to CNY 1,200 million, CNY 15 million will be included in the capital reserve. The investor will maintain its 100% stake in the company. The transaction has been approved in the eighth session of the board of directors and the thirteenth special meeting of 2020 of the investor and need not required approval from the shareholder and government.