Wuxi Longsheng Technology Co., Ltd announced that it expects to receive CNY 116 million in funding
January 19, 2018
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Wuxi Longsheng Technology Co., Ltd (SZSE:300680) announced a private placement of A shares for gross proceeds of not more than CNY 116,000,000 on January 19, 2018. The transaction will include participation from not more than five investors. The transaction has been approved by the directorate of the company. The transaction is subject to shareholders’ approval and approval from China Securities Regulatory Commission.
In February, 2018, the company announced that it will issue not more than 13,600,000 A shares and must not be transferred within 12 months after the issuance completion date.
Wuxi Longsheng Technology Co Ltd is a company mainly engaged in research, development, production and sales of auto parts. The Company operates two businesses. The exhaust gas recirculation (EGR) business is focused on the exhaust gas recirculation systems of gasoline and diesel engines to serve passenger and commercial vehicles. The precision parts business is operated through its subsidiaries, and is involved in the production and sales of precision stamping parts, injection molding and molds for the automotive and consumer electronics areas.