Guizhou Xinbang Pharmaceutical Co., Ltd. announced that it expects to receive CNY 1.28 billion in funding.
September 02, 2014
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Guizhou Xinbang Pharmaceutical Co., Ltd. (SZSE:002390) announced a private placement of 75,073,310 A shares at a price of CNY 17.05 per share for gross proceeds of CNY 1,279,999,935.5 on September 3, 2014. The company will issue the shares to six designated specific investors. The transaction will include participation from Guizhou Gui'an New District Jinyu Investment Center (Limited Partners) which will subscribe for 28,152,492 A shares for proceeds of CNY 480,000,000. The transaction was approved at the 26th session of the 5th directorate and the 19th session of the 5th board of supervisors' meeting of the company. The transaction is subject to company shareholders' meeting approval and approval of the China Securities Regulatory Commission. The shares issued as part of the transaction will not be transferred within 36 months from the date of completion.
On September 19, 2014, the company announced that the transaction has been approved at its 3rd Extraordinary General Meeting of 2014.
GUIZHOU XINBANG PHARMACEUTICAL Co., LTD is a China-based company, principally engaged in the research and development, manufacture and distribution of medical products. The Company operates its businesses through three segments. The Pharmaceutical Manufacturing segment is engaged in the manufacture and distribution of Chinese patent medicines, such as Ginkgo Leaves Tablets. The Pharmaceutical Distribution segment includes rapid wholesale business and medicine retail business. The Medical Services segment is engaged in the provision of medical services. It operates its businesses primarily in domestic markets.
GUIZHOU XINBANG PHARMACEUTICAL CO., LTD. 
