Shanxi Huaxiang Group Co., Ltd. announced that it expects to receive CNY 300.000001 million in funding from Shanxi Linfen Huaxiang Industrial Co., Ltd.
May 15, 2023
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Shanxi Huaxiang Group Co., Ltd. announced a private placement of not more than 35,842,294 common shares at a price of CNY 8.37 for the gross proceeds of not more than CNY 300 million on May 16, 2023. he company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors including a returning investor, Shanxi Linfen Huaxiang Industrial Co., Ltd. The transaction has been approved by the 30th meeting of the second session of the Board of Directors and it still needs to be approved by the company's general meeting of shareholders, Shanghai Stock Exchange and by the China Securities Regulatory Commission.
On June 7, 2023, the company announced that the proposal on the company?s issuance of shares to specific investors preliminary plan has been approved by the first special shareholders meeting for 2023.
On August 7, 2023, the company received the notice on accepting application for share issuance [2023] No. 556 issued by Shanghai Stock Exchange.
Shanxi Huaxiang Group Co Ltd is a China-based company mainly engaged in the research and development, manufacture and sales of various customized metal parts. The Companyâs products mainly include compressor components, such as crankshafts, cylinders, pistons and flanges; construction machinery components, such as counterweights, axles and axle housings, as well as system components for automotive brake system equipment, steering system equipment and clutches, such as housings, brackets, bearing caps, pressure plates and connecting rods. The Company also provides pump and valve pipes and other products. The Company's products are mainly applied in white household appliances, construction machinery and automobile manufacturing fields. The Company distributes its products in domestic market and to overseas markets.
Shanxi Huaxiang Group Co., Ltd. announced that it expects to receive CNY 300.000001 million in funding from Shanxi Linfen Huaxiang Industrial Co., Ltd.