Xiangyang Automobile Bearing Co., Ltd. announced that it expects to receive CNY 550 million in funding
April 12, 2020
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Xiangyang Automobile Bearing Co., Ltd. (SZSE:000678) announced a private placement of not more than 137,883,539 shares for gross proceeds of not more than CNY 550,000,000 on April 13, 2020. The transaction is directed at not more than 35 specific investors. The transaction has been approved by the fifth meeting of the seventh board of directors of the company. The transaction is subject to approval at the company's shareholders' meeting and by the China Securities Regulatory Commission including other approvals that may be needed.
XIANGYANG AUTOMOBILE BEARING COMPANY., LTD is a China-based company principally engaged in the manufacture, research and development, sales of bearings and accessories, automobile spare parts, mechanical and electronic devices, bearing equipment and components. The Company mainly provides bearings and universal joints, including deep groove ball bearings, needle bearings, cylindrical roller bearings, clutch separate bearings, tapered roller bearings, cross shafts, automobile hub bearings, constant velocity universal joints and others. The Company mainly distributes its products in domestic and overseas markets.
XIANGYANG AUTOMOBILE BEARING CO., LTD. 
