Global Infotech Co., Ltd. (SZSE:300465) announced a private placement of A shares not exceeding 134,028,677 shares for gross proceeds of not more than CNY 450,025,700 on April 28, 2020. The transaction will involve participation from not more than 35 investors. The issue price of the shares is 80% of the average price of the company's stock transactions 20 trading days before the pricing base. The shares subscribed by the investor shall not be transferred within 6 months from the end of the issue date. The transaction has been approved by the company's 29th meeting of the third board of directors. The transaction is subject to approval from shareholders of the company in its 2019 annual general meeting to be held on May 22, 2020 and the China Securities Regulatory Commission.