Waldaschaff Automotive GmbH announced a private placement of gross proceeds of €55,000,000 on January 12, 2018. The transaction will involve participation from existing shareholder, Lingyun Industrial Corporation Limited (SHSE:600480). The company will issue common stock in the transaction. The investor will continue to hold 100% stake in the company upon completion of transaction. Post the closing the registered capital of the company will increase from €4,500,000 to €59,500,000. The transaction has been approved in the 21st meeting of the investor's 6th directorate.