Changchun Zhongding Technology Co., Ltd. announced that it expects to receive CNY 1.5 million in funding from Jiangsu Riying Electronics Co., Ltd.
February 24, 2020
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Changchun Zhongding Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 1,500,000 on February 25, 2020. The transaction will involve participation from new investor, Jiangsu Riying Electronics Co., Ltd. (SHSE:603286). The investor has signed capital increase agreement with the company and its existing shareholders. After the capital increase and share transfer, the investor will hold a total of 27.27% stake in the target. The transaction has been approved by the general manager office meeting of the investor and does not require approval of its board of directors.
Jiangsu Riying Electronics Co Ltd is a China-based company mainly engaged in research and development, production and sales of auto parts. The company's products are divided into sensing products, transmission products, control products and others. The sensing products include various sensors and 360 panoramic view systems, the transmission products include automotive wiring harnesses, and the control products include sunroof controllers. The Company's products also include washing systems, precision injection molding and others. The Company mainly operates its businesses in the domestic and overseas markets.