Zhejiang Damon Industrial Equipment Co., Ltd. announced that it expects to receive CNY 59 million in funding from Zhejiang Damon Technology Co.,Ltd
June 17, 2020
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Zhejiang Damon Industrial Equipment Co., Ltd. announced that it will receive CNY 59,000,000 in an equity round of funding on June 17, 2020. The transaction will include participation from returning investor Zhejiang Damon Technology Co.,Ltd (SHSE:688360). The transaction has been approved by the board of directors of the investor in the 5th meeting of the 3rd directorate and in the fourth interim meeting of its third board of supervisors. Post the closing, the registered capital will increase from CNY 10,461,600 to CNY 69,461,600 and the investor will continue to hold 100% stake in the company.
Damon Technology Group Co Ltd, formerly Zhejiang Damon Technology Co Ltd, is a China-based company mainly engaged in research, development, design, manufacturing, sales and service of automated logistics conveying and sorting systems, key equipment and its core components. The Company's main products include automated logistics conveyor sorting systems; automated logistics conveyor sorting key equipment, such as box conveyor equipment and pallet conveyor equipment; logistics conveyor sorting core components, such as conveyor rollers. The Company's products are used in e-commerce, express logistics, clothing, medicine, tobacco, new retail, smart manufacturing and other fields. The Company operates its businesses within the domestic market and to overseas markets such as South Korea, Australia, European Union countries, the United States and India.
DAMON TECHNOLOGY GROUP CO.,LTD. 
