Shanghai Highly Co., Ltd. announced that it expects to receive CNY 1.594 billion in funding from Shanghai Electric Corporation and other investors
October 19, 2020
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Shanghai Highly (Group) Co., Ltd. announced a private placement of not more than 264,990,076 common shares for gross proceeds of not more than CNY 1,594,000,000 on October 20, 2020. The transaction will include participation from no more than 35 investors including the existing shareholder Shanghai Electric (Group) Corporation which intends to subscribe for no less than 27.07% of the actual issuance of A shares in this transaction. The shares to be issued in the transaction will be subject to a lock-up period of 18 months from the date of issuance for Shanghai Electric (Group) Corporation and 6 months from the date of issuance for other investors. The transaction has been approved by the board of directors of the company at the 3rd meeting of the 9th directorate and is still subject to approval from the state-owned assets supervision and administration authority, the shareholders of the company at the 3rd special shareholders' meeting of 2020 to be held on November 6, 2020 and the China Securities Regulatory Commission. The transaction will be valid for 12 months since approval from the shareholders’ meeting of the company.
SHANGHAI HIGHLY (GROUP) CO., LTD. is a China based company principally engaged in the research and development, production and sales of compressors and related refrigeration equipments. The Company operates its business through three segments. The Compressors and Related Refrigeration Equipments segment is mainly engaged the production and sales of refrigeration rotor compressors, automotive scroll compressors and refrigeration equipments. The Motor segment is mainly engaged in the production and sales of compressor motors. The Trading and Leasing segment is principally engaged in the import and export of various kinds of goods and technologies, the sales of refrigeration equipments and components, auto parts, steel products and refrigeration related products as well as the leasing of houses. The Company operates its business in the domestic market and overseas markets.