Friend Co.,Ltd. announced that it expects to receive CNY 650 million in funding
November 14, 2021
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Friend Co.,Ltd. announced a private placement of not more than 130,500,000 A shares for gross proceeds of not more than CNY 650,000,000 on November 15, 2021. The transaction will include participation from not more than 35 investors. The issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date. The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 13th meeting of the company?s 2nd directorate, and is subject to the approvals of its shareholders and the China Securities Regulatory Commission.
Friend Co Ltd is a China-based company that provides complete steel logistics supply chain services for mid- to high-end automotive, home appliance and other industries or their supporting manufacturers. Its supply chain services include procurement, processing, warehousing, cutting, packaging, transportation and distribution, etc., as well as corresponding technical support services. The Company's products are divided into processing and distribution steel and non-processing and distribution steel, including galvanized steel, cold rolled steel, hot rolled steel, electrical steel, color coated steel and other steel coils or sheets. Its related products are used in the production of metal parts such as high-end automobiles and home appliance manufacturing. The Company mainly conducts its businesses in the China market.