Zhejiang Huafeng Spandex Co., Ltd announced that it has received CNY 1.8210048 billion in funding from China Pacific Life Insurance Co., Ltd., New China Life Insurance Company Ltd., AEGON-Industrial Fund Management Co., Ltd., China Life Insurance Co., Ltd., Shenwan Hongyuan Securities Co., Ltd.

On January 10, 2020, Zhejiang Huafeng Spandex Co., Ltd (SZSE:002064) closed the transaction. The company issue the shares at a price of CNY 5.43 per share for gross proceeds of CNY1,821,004,800. The company received net proceeds of CNY 1,806,004,800 after deducting the issuance expenses of CNY 15,000,000 in the transaction.

The transaction included participation from China Pacific Life Insurance Co., Ltd. for 52,652,820 shares amounting to CNY 285,904,812.60, New China Life Insurance Company Ltd. (SHSE:601336) for 36,832,412 shares amounting to CNY 199,999,997.16, AEGON-Industrial Fund Management Co., Ltd. for 65,395,948 amounting to CNY 355,099,997.64, China Life Insurance Co., Ltd. (TSEC:2823) for 147,329,649 shares amounting to CNY 799,999,994.07, and Shenwan Hongyuan Securities Co., Ltd. for 33,149,171 shares amounting to CNY 179,999,998.53.