Hubei Cultural Industry Development Investment Co., Ltd. announced that it expects to receive CNY 1.62 billion in funding from Changjiang Publishing & Media Co.,Ltd, Hubei Changjiang Press & Media Group Company Limited and other investors
July 07, 2021
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Hubei Cultural Industry Development Investment Co., Ltd. announced a private placement of 1,620,000,000 shares at a price of CNY 1 per share for gross proceeds of CNY 1,620 million on July 8, 2021. The transaction included participation from Hubei Provincial State-owned Cultural Assets Supervision and Management and Industrial Development Leading Group Office for CNY 870 million for an equity stake of 58.33%, Changjiang Publishing & Media Co., Ltd for CNY 200 million for an equity stake of 11.11%, Hubei Changjiang Press & Media Group Company Limited for CNY 100 million for an equity stake of 5.56%, and other investors for CNY 450 million for an equity stake of 25%. Post the completion of the transaction, the registered capital of the company will be increased from CNY 180 million to CNY 1,800 million.
Changjiang Publishing & Media Co., Ltd is a China-based company, principally engaged in the publication, distribution, printing and trading of books, periodicals, newspapers, audiovisual products and electronic publications. The Company is also engaged in the development and operation of new media. The Company mainly conducts its businesses in Hubei province, China.
Hubei Cultural Industry Development Investment Co., Ltd. announced that it expects to receive CNY 1.62 billion in funding from Changjiang Publishing & Media Co.,Ltd, Hubei Changjiang Press & Media Group Company Limited and other investors