Shunbo Aluminum Alloy Hubei Co., Ltd. announced that it expects to receive CNY 250 million in funding from Chongqing Shunbo Aluminum Co.,Ltd.
September 24, 2020
Share
Shunbo Aluminum Alloy Hubei Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 250 million on September 25, 2020. The transaction will include participation from returning investor Chongqing Shunbo Aluminum Co.,Ltd. (SZSE:002996) to retain its 100% stake in the company. Post the transaction, CNY 50 million will added to the registered capital of the company and CNY 200 million will be added to the capital reserve of the company and the registered capital of the company will increase from CNY 150 million to CNY 200 million. The transaction has been approved in the ninth meeting of the third board of directors and the seventh meeting of the third board of supervisors of the investor.
Chongqing Shunbo Aluminum Co Ltd is a company engaged in production and sales of secondary aluminum alloy ingots. The Company's main product is aluminum alloy ingots, and its grades include aluminum-alloy die castings (ADC12), AC4B and A380. The ADC12 is a die-cast aluminum alloy, mainly used to produce cylinder head covers and sensor brackets. The AC4B is used to manufacture thin-walled castings. The A380 is used to manufacture chassis, engine mounts, gearboxes and generators. The Company is also engaged in entrusted processing of aluminum alloy ingots business. The Company's products are used to produce die-cast aluminum alloy and cast aluminum alloy products, covering automobiles, motorcycles, mechanical equipment and communication equipment fields.
CHONGQING SHUNBO ALUMINUM CO.,LTD. 
