Baoji Hangzhou Fork Engineering Machinery Co., Ltd. announced that it expects to receive CNY 80.1605 million in funding from Hangcha Group Co., Ltd. and other investors
April 18, 2017
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Baoji Hangzhou Fork Engineering Machinery Co., Ltd. announced that it will receive CNY 80,160,500 in a round of equity funding on April 19, 2017. The round will include participation from existing investors Hangcha Group Co., Ltd. (SHSE:603298) and other investors for CNY 56,000,000 and CNY 24,160,500 respectively. Post the closing, the investors will maintain their existing stakes in the company, including 69.86% to be held by Hangcha Group Co., Ltd. (SHSE:603298) for a total of CNY 70,000,000 of the registered capital of the company . The period of subscription will be for 30 years. The transaction has been approved at the 5th session of the 5th directorate of Hangcha Group Co., Ltd. (SHSE:603298). The company reported total assets of CNY 43,081,195.13, total liabilities of CNY 15,989,511.2, owner's equity of CNY 27,091,683.93, revenue of CNY 31,418,901.09, total profit of CNY 1,385,168.36, and net profit of CNY 1,132,614.06 for the year ended December 31, 2016.
Hangcha Group Co.,Ltd. is a China-based company principally engaged in the research, development, manufacture and distribution of forklifts and other industrial vehicles. The Companyâs products mainly include combustion forklifts, electric forklift and other industrial vehicles. Its products are applied in the fields of manufacture industry, transportation industry, warehousing industry, postal industry, wholesale and retail industry. The Company distributes its products within domestic market and to overseas markets, including Brazil, America, Russia, as well as Southeast Asia, among others.
Baoji Hangzhou Fork Engineering Machinery Co., Ltd. announced that it expects to receive CNY 80.1605 million in funding from Hangcha Group Co., Ltd. and other investors