Hunan Huasheng Zhuzhou Cedar Co., Ltd. announced that it expects to receive CNY 30 million in funding from Hunan Huasheng Co.,Ltd, Hunan Huasheng Group Corporation
September 14, 2021
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Hunan Huasheng Zhuzhou Cedar Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 30,000,000 on September 16, 2021. The transaction will include participation from existing investor Hunan Huasheng Group Corporation for CNY 20,000,000 and Hunan Huasheng Group Corporation for CNY 10,000,000. The raised proceeds, of which 10662400 yuan is added to the registered capital and 19337600 yuan is into capital reserve. As a part of the transaction, the company’s registered capital will increase from CNY 196,248,200 to CNY 206910600. Pursuant to the transaction, Hunan Huasheng Group Corporation stake will increase from 18.51% to 19.27%, Hunan Huasheng Co.,Ltd stake will be changed from 81.49% to 80.73%,. The transaction has been approved at the 8th meeting of the 8th Board of Directors and at the 6th meeting of the 8th Board of Supervisors and does not need to be submitted to the company’s shareholders meeting for deliberation.
Hunan Huasheng Co., Ltd. is a China-based company primarily engaged in the production and sales of ramie textiles. The Company is also engaged in the pharmaceutical machinery manufacturing, trading and real estate businesses. The Company's main products include ramie, linen, hemp yarns, fabrics and apparels, home textiles, industrial textiles and modern pharmaceutical equipment. The Company mainly distributes its products in overseas markets.
Hunan Huasheng Zhuzhou Cedar Co., Ltd. announced that it expects to receive CNY 30 million in funding from Hunan Huasheng Co.,Ltd, Hunan Huasheng Group Corporation