Zhe Jiang Taihua New Material Co., Ltd. announced that it expects to receive CNY 499.999998 million in funding
June 04, 2020
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Zhe Jiang Taihua New Material Co., Ltd. (SHSE:603055) announced that it has entered into a share subscription agreement of 94,876,660 A shares issued at CNY 5.27 per share for gross proceeds of not more than CNY 500,000,000 on June 5, 2020. The transaction will include participation from individual investors Shi Qingdao for 56,925,996 shares for the proceeds of CNY 300,000,000 and Shen Weifeng for 37,950,664 shares for the proceeds of CNY 200,000,000. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares of the company cannot be transferred within 18 months from the issuance closing date. The transaction was approved by the board of directors of the company in the 22nd meeting of the 3rd directorate. The transaction is subject to the approvals of the shareholders meeting and the China Securities Regulatory Commission.
Zhe Jiang Taihua New Material Co Ltd, formerly Zhejiang Taihua New Material Co., Ltd., is a China-based company principally involved in the nylon weaving business. The Company operates through two main segments. The Main Business segment is primarily involved in the research, development, manufacturing and sales of nylon finished fabric-centered textile materials. The Companyâs main products are nylon filament, nylon fabric and nylon finished fabric. The Other Business segment is mainly involved in rental housing and sales of scraps.