AVIC Shaanxi Huayan Aero-Instrument Co., Ltd. announced that it has entered into a purchase agreement for gross proceeds of CNY 200,000,000 on October 24, 2023. The company will issue common shares in the transaction. The transaction will include participation from returning investors, AVIC Airborne Systems Co., Ltd. for CNY 160,000,000 to retain its 80% stake and Zhonghang Electronic Measuring Instruments Co.,Ltd for CNY 40,000,000 to retain its 20% stake in the company. The transaction has been approved at the 7th extraordinary Meeting of 2023 and 7th Directorate of AVIC Airborne Systems Co., Ltd. The transaction was also approved at the 22nd meeting of the seventh board of directors of Zhonghang Electronic Measuring Instruments Co.,Ltd. Post-closing the transaction, the registered capital of the company will increase to CNY 700,000,000.
Within the 10 working days from the agreement signing date, the investors must make one-time payments.