Hangzhou Jizhi Mechatronic Co., Ltd. announced that it expects to receive CNY 311.328 million in funding
March 15, 2021
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Hangzhou Jizhi Mechatronic Co., Ltd. signed a subscription agreement to issue 14,400,000 shares at the price of CNY 21.62 per share for gross proceeds of CNY 311,328,000 on March 16, 2021. The transaction will include participation from existing investor Lou Rongwei which currently owns 12.43%. The shares subscribed shall not be transferred within 36 months from the end of the issuance. The transaction have been reviewed and approved at the 18th meeting of the 3rd board of directors of the company and the 15th meeting of the 3rd board of supervisors. The transaction needs to be reviewed and approved by the company’s shareholders meeting, Shenzhen Stock Exchange, and China Securities Regulatory Commission.
Hangzhou Jizhi Mechatronic Co., Ltd. is a China-based company principally engaged in the research, development, design, manufacture and sales of automatic balancing machines. The Companyâs main products include automatic balancing machines and testing machines. Its automatic balancing machines include semi-auto balance correction machines, two station automation balance correction machines, four station automatic balance correction machines, five station automatic balance correction machines and vertical balance correction machines. The Company's products are used in electrical machinery, power tools, household appliances, pumps, fans, automobiles, chemicals, high-speed rail, power, shipping and aerospace industries. The Company distributes its products in the domestic market.