Shandong Binzhou Bohai Piston Co., Ltd. announced that it has received CNY 1.69 billion in funding from a group of investors
January 03, 2017
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On January 3, 2017, Shandong Binzhou Bohai Piston Co., Ltd. (SHSE:600960) closed the transaction. The company issued 188,891,316 A shares at CNY 8.96 per share for gross proceeds of CNY 1,692,466,191.36. The company incurred underwriting and sponsorship fees of CNY 33,600,000 and other issuance fees of CNY 10,366,000. The net proceeds from the transaction are CNY 1,648,500,191.36. The transaction included participation from Shenzhen TFTC Asset Management Co., Ltd. for 36,830,357 shares, Beijing Automotive Group Co., Ltd. for 33,482,144 shares, Guangdong Wens Investment Co., Ltd. for 22,321,428 shares, and other investors. The shares subscribed by Beijing Automotive Group Co., Ltd. cannot be transferred within 36 months from the new share registration date. The shares the other investors subscribe to cannot be transferred within 12 months from the new share registration date. On closing, the capital of the company will increase from 761,624,202 shares to 950,515,518 shares.
Bohai Automotive Systems Co Ltd, formerly Shandong Binzhou Bohai Piston Co Ltd, is a China-based company mainly engaged in the design, development, manufacturing and sales of pistons and other auto parts. The Company's main products include pistons and components, lightweight auto parts, auto wheels, auto air conditioners, shock absorbers, exhaust systems, fuel tanks, etc. Its products are mainly used in new energy vehicles and light-weight components of traditional vehicles, automotive powertrain components, chassis assembly components and heat exchange system components. The Company operates its businesses in domestic and overseas markets.