Fujian Snowman Co., Ltd. announced that it expects to receive CNY 431.032 million in funding
February 24, 2020
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Fujian Snowman Co., Ltd. (SZSE:002639) announced a share subscription agreement wherein it will issue not more than 60,200,000 shares at issue price of CNY 7.16 per share for gross proceeds of CNY 431,032,000 on February 25, 2020. The transaction will include participation from Zhang Huaguo for 23,800,000 shares, Chen Cunzhong for 18,200,000 shares, Zheng Zhishu for 14,000,000 shares, and Huang Chengli for 4,200,000 shares. The shares issued in the transaction is subject to a lock up period of 18 months from the closing of the transaction. The transaction has been approved by the board of directors of the company at the 11th Meeting of the company's 4th directorate and is subject to approval from shareholders of the company and the China Securities Regulatory Commission.
FUJIAN SNOWMAN CO., LTD. is a China-based company principally engaged in the research and development, manufacturing and sales of refrigeration equipment. The Company's main products include ice making equipment, compressors and central air conditioning systems. Its products are mainly used in the concrete cooling, cold chain logistics, nuclear power, chemical, commercial supermarket, food processing and other fields. The Company is also engaged in central air conditioning system sales and installation business, as well as the provision of oil and gas technical services. The Company mainly operates its business in the domestic and overseas markets.