Ginlong Technologies Co., Ltd. announced that it expects to receive CNY 725.4687 million in funding
April 29, 2020
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Ningbo Ginlong Technologies Co., Ltd. announced a private placement by way of non-public issuance up to 23,000,000 common shares for a gross proceeds not more than CNY 725,468,700 on April 30, 2020. Issuance price will not be lower than 80% to median market price of the company´s shares as of 20 previous days to issuance date. The transaction will included participation of not more than 35 specific investors. The transaction has been approved by the 16th meeting of the second board of directors of the company. The transaction is subject to conditions including approval by the company’s shareholders and to be approved by the China Securities Regulatory Commission. The shares will be subject to a 6 months lock-up period commencing from the closing date of the non-public issuance.
Ginlong Technologies Co Ltd, formerly Ningbo Ginlong Technologies Co Ltd, is a China-based company principally engaged in the research and development, production and sales of string inverters as well as the provision of related after-sales services. The Company's main products include single-phase string inverters, three-phase string inverters and other inverters. In addition, The Company is also engaged in the production and sales of inverter fast shut-offs, inverter data collectors, distributed wind power system supporting products and distributed photovoltaic inverter parts. The Company's products are mainly used in distributed photovoltaic power generation systems. The Company mainly distributes its products to the overseas markets.