Shanghai Xinpeng Industry Co.,Ltd. announced that it expects to receive CNY 332.1 million in funding from Jiangsu Xinchao Technology Group Co., Ltd.
June 02, 2020
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Shanghai Xinpeng Industry Co.,Ltd. (SZSE:002328) signed a subscription agreement with Jiangsu Xinchao Technology Group Co., Ltd. for a private placement of 82 million shares at a price of CNY 4.05 per share for gross proceeds of up to CNY 332.1 million on June 3, 2020. The maximum number of shares does not exceed 30% of the total share capital of the company before the transaction and is to be determined by the board of directors authorized by the general meeting of shareholders according to specific circumstances. The transaction was reviewed and approved by the twenty-fifth meeting of the fourth board of directors of the company and still needs to be approved by the company's shareholders' meeting and the China Securities Regulatory Commission. The transaction is subject to approval from shareholders at the 1st extraordinary general meeting of 2020 to be held on June 22, 2020.
SHANGHAI XINPENG INDUSTRY CO., LTD. is a China-based company principally engaged in the design, manufacture and sales of automotive parts, as well as metal and communication components. The Company's main products include automotive four doors and two covers, car panels, as well as sheet metal parts and other communications products metal parts. The Company's products are mainly used in automotive parts, communications cabinets and household appliances. The Company distributes its products mainly in domestic market.