Wuhan Weineng Battery Asset Co., Ltd. announced that it expects to receive CNY 890 million in funding from a group of investors
December 14, 2020
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Wuhan Weineng Battery Asset Co., Ltd. announced that it has entered into a capital increase subscription agreement for a private placement of common shares for gross proceeds of CNY 890,000,000 on December 15, 2020. The transaction will involve participation from new investors Futurex Innovation SPC for CNY 133,333,333 for 7.89% stake, FutureX ICT Opportunity Fund II LP for CNY 66,666,667 for 3.94% stake, Qingdao Ziming Hexing Equity Investment Partnership Enterprise (Limited Partnership for CNY 200,000,000 for 11.83%, Ganghua Integrated Power Investment (Shenzhen) Co., Ltd. for CNY 150,000,000 for 8.88% stake, Shandong Weida Machinery Co., Ltd. (SZSE:002026) for CNY 150,000,000 for 8.88% stake, Three Gorges Green Industry (Shandong) Equity Investment Partnership Enterprise (Limited Partnership for CNY 100,000,000 for 5.92% stake, and Taiping Financial Services Co., Ltd. for CNY 90,000,000 for 5.34% stake in the company. The transaction has been approved by the 14th session of the Shandong Weida Machinery Co., Ltd. (SZSE:002026)’s 8th directorate. Post the closing, the registered capital of the company will increase from CNY 800,000,000 to CNY 1,690,000,000. Post the closing, the stake of Weilai Holding Co., Ltd., Guotai Junan Financial Products Limited, Hubei Science & Technology Investment Group Corporation Limited, and Contemporary Amperex Technology Co., Limited will decrease from 25% each to 11.83% each respectively.
SHANDONG WEIDA MACHINERY CO., LTD. is a China-based manufacturer of industrial machines. The Company manufactures and distributes drill chucks and related fittings. The Company also provides automobile parts, hardware, instrumentation valves and other casting products. The Companyâs drill chucks include new type high performance drill chucks, finger tight drill chucks, locking tight drill chucks, spanner drill chucks, self tight drill chucks, as well as spanners and related components, among others. The Company distributes its products within domestic market and to overseas markets.