Zhongyuan Union Urban-Rural Planning and Design Co., Ltd. announced that it expects to receive CNY 20 million in funding from Chengdu Techcent Environment Co.,Ltd., Shanshui Environment Technology Inc.
Zhongyuan Union (Beijing) Urban-Rural Planning and Design Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 20,000,000 on January 23, 2017. The transaction will include participation from new investors Chengdu Techcent Environment Co., Ltd. (SZSE:300362) and Shanshui Environment Technology Co., Ltd each of which will invest CNY 10,000,000. As a result of the transaction, the registered capital of the company will increase from CNY 5,500,000 to CNY 25,500,000. The transaction was approved at Chengdu Techcent Environment Co., Ltd.’s 50th extraordinary session of the 3rd directorate and not need approval from its shareholders’. The transaction will close post-closing of the concurrently announced acquisition of 50% stake by Shanshui Environment Technology Co., Ltd. Post the transaction and concurrent acquisition, Chengdu Techcent Environment Co., Ltd. and Shanshui Environment Technology Co., Ltd will each hold 50% stake in the company.