Jingmen Dongbao Kailong Mining Co., Ltd. announced that it expects to receive CNY 102.0405 million in funding from Hubei Kailong Chemical Group Co., Ltd., Hubei Changning Innovation Investment Group Co., Ltd.
October 13, 2020
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Jingmen Dongbao Kailong Mining Co., Ltd. announced that it will receive CNY 102,040,000 in an equity round of funding on October 14, 2020. The transaction will involve participation from existing investor Hubei Kailong Chemical Group Co., Ltd. (SZSE:002783) for CNY 52,040,500 and increased company’s registered capital by CNY 31,162,000, new investor Hubei Changning Innovation Investment Group Co., Ltd. for CNY 50,000,000 and to increase the registered capital of CNY 29,940,000. Post the closing of the transaction, Hubei Kailong Chemical Group Co., Ltd. (SZSE:002783) will hold 51%. Post the closing of the transaction, the company’s registered capital is planned to increase to CNY 281,102,000. The transaction has been approved by the board of directors of Hubei Kailong Chemical Group Co., Ltd. (SZSE:002783) at the 38th meeting of the seventh board of directors of the company, and does not need to be approved by the company’s shareholders meeting.
HUBEI KAILONG CHEMICAL GROUP CO., LTD. is principally engaged in the manufacture and distribution of industrial explosives. The Company primarily provides modified ammonium nitrate-fuel oil explosives, including modified ammonium nitrate-fuel oil explosives for rocks; expanded ammonium nitrate explosives, including expanded ammonium nitrate explosives for rocks and expanded ammonium nitrate explosives for coal mines; emulsion explosives, including emulsion explosives for rocks and emulsion explosives for coal mines, as well as seismic explosive columns, including seismic explosive columns with low, medium and high detonation velocities, high power seismic explosive columns, emulsion seismic explosive columns and high strength seismic explosive columns. Its products are applied in petroleum, coal, mining, metallurgy, transportation, hydraulic, electric power, construction, national defense and other fields.
Jingmen Dongbao Kailong Mining Co., Ltd. announced that it expects to receive CNY 102.0405 million in funding from Hubei Kailong Chemical Group Co., Ltd., Hubei Changning Innovation Investment Group Co., Ltd.