Zhangjiagang Furui Special Equipment Co., Ltd. announced that it expects to receive CNY 501.0736 million in funding
April 27, 2020
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Zhangjiagang Furui Special Equipment Co., Ltd. (SZSE:300228) announced a private placement to issue maximum of 141,000,000 shares for gross proceeds not exceeding CNY 501,073,600 on April 28, 2020. The transaction will include participation from not more than 35 specific investors including the company's 12 management personnel. The company entered into a subscription agreement with the 12 management personnel who will invest not less than CNY 30,000,000 in the transaction of which Huang Feng will invest CNY 10,000,000, Li Xin for CNY 4,000,000, Yang Bei for CNY 4,000,000, Jiao Kangxiang for CNY 3,000,000, Jiang Yan for CNY 2,000,000, Song Qingshan for CNY 1,000,000, Ma Jun for CNY 1,000,000, Li Xiaofeng for CNY 1,000,000, Feng Shigong for CNY 1,000,000, Li Huaibing for CNY 1,000,000, Zhang Youbing for CNY 1,000,000, Fu Xudong for CNY 1,000,000. The issue price shall be not lower than 80% of the average price of the company's stock transactions 20 trading days before the fixed price reference day. The shares issued in the transaction shall have a hold period of 6 months from the date of issuance. The transaction has been approved a the 36th meeting of the 4th board of directors of the company. The transaction still needs to be approved by the shareholders of the company in its 2nd extraordinary general meeting to be held on May 15, 2020, and China Securities Regulatory Commission.
Zhangjiagang Furui Special Equipment Co., Ltd is a China-based company principally engaged in the design, production and sales of energy equipment. The Companyâs main products are categorized into two types of low temperature storage and application equipment, as well as heavy equipment, which include reproducing fuel switching car engines, liquefied natural gas (LNG) liquefied equipment, LNG/liquefied-compressed natural gas (L-CNG) gas stations, LNG automotive gas supply systems, marine LNG supply systems, cryogenic valves, vacuum tubes, gas filling hoses and others. The Company is also engaged in marine engineering business. The Company distributes its products within domestic market and to overseas markets.