Dacheng Advises Guangdong Highsun Group Co., Ltd. on Private Placement

China Securities Regulatory Commission (“CSRC”) recently gave approval to an application for private placement filed by Guangdong Highsun Group Co., Ltd.. (hereinafter referred to as “Highsun Group”). Highsun Group would offer 99,880.239 shares to seven chosen investors at a price of RMB 8.35, which would raise a total of RMB833,999,995.65, including RMB815,472,115.51 worth of net capital. The fund would be used to finance the construction of Guangzhou International Commodity Exhibition & Trade City and International Auto Exhibition & Trade Center and supplement working capital for the company itself.

Highsun Group (stock code: 000861) is one of the few non-state-owned public commerce businesses in Guangzhou. It is primarily engaged in commerce and mining. Specifically, its venture in commerce includes commercial property development, management and hotel management.