Jin Houng Fuh Conveying Machinery Co.,Ltd announced that it expects to receive CNY 50 million in funding from AA Industrial Belting Co.,Ltd
December 28, 2020
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Jinfengfu (Chuzhou) Conveying Machinery Co., Ltd. announced a private placement of approximately 677,323 common shares at an issue price of CNY 73.82 per share for gross proceeds of CNY 50,000,000 on December 28, 2020. The company has signed capital increase and share expansion agreement with the investor. The transaction will involve participation from AA Industrial Belting (Shanghai) Co.,Ltd (SHSE:603580). The transaction has been approved by the board of directors of the investor at its 14th meeting of the 3rd board of directors.
AA Industrial Belting (Shanghai) Co., Ltd. is a China-based company mainly engaged in the research, development, manufacture and distribution of light conveyor belts. The Companyâs products mainly consist of general high polymer materials light industrial belts, environment friendly high polymer materials precision industrial belts, aramid fiber industrial belts and others. The Companyâs products are used in aluminum processing, textile dyeing and finishing, food processing, logistics and transportation, agricultural products processing, entertainment and fitness, wood processing, electronic manufacturing, printing and packaging industries and other fields.