Nanxing Machinery Co., Ltd. announced that it expects to receive CNY 786.6339 million in funding
March 15, 2020
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Nanxing Machinery Co., Ltd. (SZSE:002757) announced a private placement of not more than 59,098,608 Class A common shares for gross proceeds of up to CNY 786,633,900 on March 16, 2020. The company announced that the transaction has been approved by the company’s 3rd directorate in its 23rd meeting held on March 16, 2020. The transaction is subject to approval from the company’s shareholders and from China Securities Regulatory Commission. The transaction will include participation from not more than 35 designated investors. Each investor and its concerted party shall subscribe to a total of not more than 10% of the company’s total share capital post-issuance. The securities to be issued in the transaction will have a lock-up period of six months after issuance completion date.
Nanxing Machinery Co., Ltd. is a China-based company principally engaged in the research and development, design, manufacture and sales of complete equipment for manufacturing plate furniture. The Companyâs major products include automatic edge banding machines, numerical controlled panel saws, multi-spindle drilling machines, precise sliding table saws and machining centers. The Companyâs products are primarily used in the plate furniture industry and other fields that process or utilize artificial boards. The fields contain manufacturing of custom furniture, component cabinets, wooden doors and floors, as well as the processing of artificial boards used in construction and decoration, exhibition and production of automobiles and ships. The Company also provides related accessories. The Company distributes its products in domestic market and to overseas markets.
NANXING MACHINERY CO., LTD. 
