Zhejiang Jiafeng Paper Products Co., Ltd announced a private placement of common shares for gross proceeds of CNY 35,000,000 with existing investor Minfeng Special Paper Co., Ltd. (SHSE:600235) on April 25, 2019. As a part of the transaction, the entire amount will be added as registered capital. Post the closing, the registered capital of the company will increase from CNY 15,000,000 to CNY 50,000,000 and the investor will maintain 100% stake in the company. The transaction was approved by the board of directors of the investor at the 19th session of the 7th directorate.