Haining Guangyao Thermal Power Co., Ltd. announced that it expects to receive CNY 107.620695 million in funding from Zhejiang Qianjiang Biochemical Co., Ltd., Haining Xinxin Natural Gas Co., Ltd., Zhejiang Qiantangjiang Investment Development Co., Ltd.
May 09, 2020
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Haining Guangyao Thermal Power Co., Ltd. announced that it has entered into an agreement to receive CNY 107,620,695.17 in an equity round of funding on May 9, 2020. The transaction will include participation from returning investor Zhejiang Qianjiang Biochemical Co., Ltd. (SHSE:600796) for CNY 17,620,695.17, new investors Haining Xinxin Natural Gas Co., Ltd. for CNY 50,000,000 for 25% stake and Zhejiang Qiantangjiang Investment Development Co., Ltd. for CNY 40,000,000 for 20% stake in the company. Post to the transaction, the registered capital of the company will increase from CNY 92,379,304.83 to CNY 200,000,000 and the stake held by Zhejiang Qianjiang Biochemical Co., Ltd. (SHSE:600796) will decrease from 100% to 55%. The transaction has been approved in the 2020 2nd extraordinary meeting of the 8th directorate of Zhejiang Qianjiang Biochemical Co., Ltd. (SHSE:600796) and does not need approval from its shareholders.
Zhejiang Qianjiang Biochemical Co., Ltd. is a China-based company principally engaged in the production and sales of biological products. The Company's main products include bio-pesticide products, veterinary drug substances and preparations, as well as pharmaceutical intermediates. The Company is also engaged in the research and development, manufacturing and sales of steam from the combined heat and power generation, as well as the real estate business. The Company mainly operates its business in the domestic market.
Haining Guangyao Thermal Power Co., Ltd. announced that it expects to receive CNY 107.620695 million in funding from Zhejiang Qianjiang Biochemical Co., Ltd., Haining Xinxin Natural Gas Co., Ltd., Zhejiang Qiantangjiang Investment Development Co., Ltd.