Taier Heavy Industry Co., Ltd. announced that it expects to receive CNY 400 million in funding
November 06, 2020
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Taier Heavy Industry Co., Ltd announced that it will issue not more than 134,105,898 A shares for the gross proceeds of not more than 400,000,000 on November 6, 2020. The pricing base date of this transaction is the first day of the issuance period, and the issue price shall not be lower than 80% of the average price of the companys stock on the 20 trading days before the pricing base date. The transaction include participation from not more than 35 specific investors. The shares issued in the transaction shall not be transferred within 6 months from the date of the issuance. The transaction has been approved by eighth meeting of the company's fifth board of directors and subject to approval from the companys shareholders meeting and the China Securities Regulatory Commission.
Taier Heavy Industry Co., Ltd. is a China-based company principally engaged in the research and development, manufacturing and sales of power transmission machinery and cutting edge products. The Company's main products include the industrial cardan shafts, gear couplings, shear blades, skateboards, coilers and take-up shafts. The Company mainly conducts its business in domestic market.