Tonghua Grape Wine Co.,Ltd announced that it expects to receive CNY 170 million in funding from Suqian Zhongsheng Technology Co., Ltd.
March 17, 2021
Share
Tonghua Grape Wine Co.,Ltd announced a private placement of not more than 100,000,000 common shares at an issue price of CNY 1.70 per share for gross proceeds of not more than CNY 170,000,000 on March 18, 2021. The company has signed a share purchase agreement with the investor. The transaction will involve participation from Suqian Zhongsheng Technology Co., Ltd. The shares cannot be transferred within 18 months from the issuance closing date. The transaction has been approved in the 31st meeting of its 7th directorate of the company and is subject to the approvals of the shareholders and the China Securities Regulatory Commission.
Tonghua Grape Wine Co Ltd is a China-based company principally engaged in the manufacturing and sales of fruit wine and wine. The Company's products cover dry wine, ice wine, sweet wine, grape spirits and other categories. Through its subsidiaries, the Company is engaged in e-commerce retail and online marketing services, mainly selling consumer goods. The Company's brands mainly include Hongmei, Tonghua, Yashizun, and Tianchi. The Company mainly conducts its businesses in the domestic market.