Xiamen Hongfa Electroacoustic Co., Ltd. announced that it has received CNY 900.25 million in funding from Hongfa Technology Co., Ltd. and Jiangxi Lianchuang Optoelectronic Science And Technology Co., Ltd.
March 31, 2014 at 09:30 am IST
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Xiamen Hongfa Electroacoustic Co., Ltd. announced that it will raise funding on December 27, 2012. Existing investor, Jiangxi Lianchuang Optoelectronic Science And Technology Co., Ltd will invest not more than CNY 100,000,000 and another existing investor, Hongfa Technology Co., Ltd. will participate in the transaction. Jiangxi Lianchuang Optoelectronic Science And Technology Co., Ltd. held its 20th session of the 5th directorate meeting reviewed and approved the transaction and this proposal does not need to be submitted for approval in the shareholders' meeting of same investor. The company reported total assets of CNY 2,920,694,300 and total revenues of CNY 3,019,857,900 as on December 31, 2011. Hongfa Technology Co., Ltd. has obtained approval of approval of its approving authorities and its shareholders.
On December 28, 2012, the company announced that it will raise CNY 900,250,000 in an equity round of funding. Returning investors, Hongfa Technology Co., Ltd. will invest CNY 800,250,000. Hongfa Technology Co., Ltd. holds 75.01% stake in the company and Jiangxi Lianchuang Optoelectronic Science And Technology Co., Ltd. holds 24.99% stake in the company. The transaction was approved at the company's shareholders' meeting. The transaction was approved at Hongfa Technology Co., Ltd.'s 2nd session of the 7th directorate meeting and 2nd session for the 7th supervisory board meeting.
On June 18, 2013, the company announced that Jiangxi Lianchuang Optoelectronic Science And Technology Co., Ltd approved the transaction in its 28th session of the 5th directorate meeting.
On September 25, 2013, the company announced that the transaction was approved at the 2nd shareholders' meeting for 2013 of Jiangxi Lianchuang Optoelectronic Science and Technology Co., Ltd.
On March 31, 2014, Xiamen Hongfa Electroacoustic Co., Ltd. closed the transaction.
Hongfa Technology Co., Ltd. is a China-based company principally engaged in the research, manufacture and sale of relays. In addition to the main product of relays, the Company also provides low-voltage electrical appliances, high-and low-voltage complete sets of equipment, precision spare parts, sensors, capacitors and automation equipment. The products of the Company are applied in industrial, energy, transportation, information, life appliances, healthcare and national security industries. The Company also owns laboratories for relay detection and analysis. The Company distributes its products within domestic market and to overseas markets.
Xiamen Hongfa Electroacoustic Co., Ltd. announced that it has received CNY 900.25 million in funding from Hongfa Technology Co., Ltd. and Jiangxi Lianchuang Optoelectronic Science And Technology Co., Ltd.