Guangdong Weihua Corporation announced that it expects to receive CNY 1.850163999 billion in funding from Shenzhen Shengtun Yixing Technology Co., Ltd, Shenzhen Shengtun Huize Trading Co., Ltd, Chengdu Kechuang Jiayuan Investment Management Center (Limited Partnership), Xiamen Tunchu Investment Partnership (Limited Partnership), Hainan Ruinan Investment Co., Ltd. and other investors
June 15, 2020
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Guangdong Weihua Corporation announced a private placement of not more than 223,180,217 A shares at an issue price of CNY 8.29 per share for gross proceeds of not more than CNY 1,850,000,000 on June 16, 2020. The company has signed subscription agreements with the investors. The transaction will involve participation from Shenzhen Shengtun Yixing Technology Co., Ltd for CNY 300,000,000, Shenzhen Shengtun Huize Trading Co., Ltd for CNY 450,000,000, Chengdu Kechuang Jiayuan Investment Management Center (Limited Partnership) for CNY 300,000,000, Xiamen Tunchu Investment Partnership (Limited Partnership) for CNY 200,000,000, Shanshan Chuanghui Fengsheng No. 1 Private Equity Investment Fund for CNY 200,000,000, and Hainan Ruinan Investment Co., Ltd for CNY 400,000,000. The transaction has been approved by the second meeting of the seventh board of directors of the company. The transaction is subject to approval of company’s shareholders’ meeting and China Securities Regulatory Commission. All securities issued in the transaction will be subject to a 18 months hold period from closing.
Chengxin Lithium Group Co Ltd, formerly Shenzhen Chengxin Lithium Group Co Ltd, is principally engaged in the manufacture and sale of fiberboards, as well as the planting and operation of fast-growing and high-yield plantation. The Companyâs main products are medium (high) density fiberboards, reinforced wood floorings, melamine decorative laminates, cement templates and other forest products. Its medium (high) density fiberboards are used in office, furniture, sound boxes, reinforced wood floorings, outdoor and indoor decoration, fan blades, computer room antistatic floorings, weatherboards, security doors and wall boards, among others. The Company is also engaged in manufacture and sales of rare earth and lithium salt products. The Company mainly operates its business in domestic markets. On September 13, 2013, the Company announced that it has transferred a 90% stake in a Zengcheng-based subsidiary.
CHENGXIN LITHIUM GROUP CO., LTD. 
