Konka Group Co., Ltd. announced that it expects to receive funding from Overseas Chinese Town Holdings Company
September 09, 2021
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Konka Group Co., Ltd. announced a private placement of common shares for CNY 5.95 per share on September 10, 2021. The total amount of funds raised shall not exceed 100% of the transaction price of the company’s purchase of assets by issuing shares in a related transaction, and the number of issued shares shall not exceed the company’s 30% of the former total equity. The transaction will include participation from returning investor Overseas Chinese Town Holdings Company. The transaction has been approved by the board of the directors in the 46th meeting of the company's 9th directorate and is still subject to approvals including completion of the relevant audit and evaluation of the transaction, company convening a board of directors meeting to review and approve the formal plan of the transaction, and the counterparty performs internal procedures to review the formal plan, the state-owned assets supervision and administration department approval, the shareholders' meeting of the company review and approves the transaction, review of the concentration of operators of the Anti-Monopoly Bureau of the State Administration for Market Regulation and The China Securities Regulatory Commission approval.
Konka Group Co Ltd is a China-based company principally engaged in the consumer electronics and semiconductor business. The Company's consumer electronics business includes multimedia business and white goods business, mainly providing color televisions, refrigerators, washing machines, air conditioners, freezers and other products. The Company's memory chip trading business and semiconductor business are mainly engaged in memory chip trading, packaging and testing of storage products, as well as the research and development of micro-light-emitting diode display-related products. The Company is also engaged in environmental protection and new materials business, mainly recycling, sorting, processing, distribution and sales of renewable resources. The Company's products are sold to domestic and foreign markets.