Corun Peve Automotive Battery CO.,LTD announced that it expects to receive ¥10.66 billion in funding from Hunan Corun New Energy Co., Ltd., Changshu Xinzhongyuan Investment Co., Ltd., Primearth EV Energy Co., Ltd., Toyota Motor Investment Co., Ltd., Toyota Tsusho Corporation
January 23, 2019
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Corun Peve Automotive Battery Co., Ltd announced a private placement of common shares for gross proceeds of ¥10,660,000,000 on January 23, 2019. The transaction will include participation from the returning investors, Hunan Corun New Energy Co., Ltd. (SHSE:600478) for ¥4,264,000,000; ¥2,136,000,000 and ¥2,128,000,000 in its third and fourth installments respectively to retain it 40% stake in the company, and rest ¥6,396,000,000 from Changshu Xinzhongyuan Investment Co., Ltd. to retain its 10% stake in the company, Toyota Tsusho Corporation (TSE:8015) to retain its 4% stake in the company, Primearth EV Energy Co., Ltd. to retain its 41% stake in the company, and Toyota Motor (China) Investment Co., Ltd. to retain its 5% stake in the company. The board of directors of Hunan Corun New Energy Co., Ltd. (SHSE:600478) has approved the transaction in its 23rd meeting of the 6th directorate. The company's registered capital will increase from ¥10,880,000,000 to ¥21,540,000,000.
As of March 5, 2019, the transaction has been approved at Hunan Corun New Energy Co., Ltd. (SHSE:600478) 1st extraordinary shareholder's meeting.
HUNAN CORUN NEW ENERGY CO., LTD. is a China-based company, principally engaged in the research and development, design, production and sales of energy saving and new energy vehicle core components. The Company operates its businesses through five segments, including Nickel Products segment, Power Battery segment, Consumer Battery segment, Hybrid Powertrain System segment and Hybrid Electric Vehicle Demonstration Operation segment. The Company is also engaged in the operation of trading business for its products.
Corun Peve Automotive Battery CO.,LTD announced that it expects to receive ¥10.66 billion in funding from Hunan Corun New Energy Co., Ltd., Changshu Xinzhongyuan Investment Co., Ltd., Primearth EV Energy Co., Ltd., Toyota Motor Investment Co., Ltd., Toyota Tsusho Corporation