Changchai Company, Limited announced that it expects to receive CNY 635 million in funding from Changzhou Investment Group Co.,Ltd and other investors
April 09, 2020
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Changchai Company, Limited (SZSE:000570) announced a private placement of not more than 168,412,297 shares for the gross proceeds of not more than CNY 635,000,000 on April 10, 2020. The transaction will include participation from up to 35 investors including existing investor Changzhou Investment Group Co.,Ltd. The shares will be issued at a price not lower than 80% of the median market price of the company’s shares as of 20 previous days to issuance date. The lock up period of shares issued to Changzhou Investment Group Co.,Ltd. is 36 months and for other investor is 6 months from the date of closing of the transaction. The transaction has been approved by 28th meeting of the 8th directorate. The transaction is subject to approval from shareholders’ meeting of the company, Changzhou Investment Group Co.,Ltd., and China Securities Regulatory Commission.
On April 30, 2020, the transaction was approved by the shareholders of the investor.
CHANGCHAI COMPANY, LIMITED is a China based company principally engaged in the production and sales of diesel engines. The Company's main product is Changchai trademark of middle-size and small-size single cylinder and multi-cylinder diesel engines. The Company's products are mainly used in tractors, combine harvesters, light commercial vehicles, agricultural equipments, small construction machinery, generator sets and ship engines. The Company distributes its products within the domestic market and to overseas markets.
CHANGCHAI COMPANY, LIMITED 
