Lanzhou Haimo Technologies Co., Ltd. announced that it has received CNY 140 million in funding from Caitong Fund Management Co., Ltd. and Tianan Property Insurance Company Limited.
On June 4, 2014, the company announced that the transaction has been approved at the 30th meeting of the 4th board of directors of the company. The transaction is subject to the approval of its shareholders' meeting of the transaction's official program and the approval of the working meeting of the Merger, Acquisition and Reorganization Examination Committee for Listed Companies of China Securities Regulatory Commission, and the written approval of the China Securities Regulatory Commission. Sinolink Securities Co., Ltd. will act as an independent financial advisor to the company. Llinks Law Offices will act as a legal advisor to the company. Ruihua Certified Public Accountants (Special General Partnership) will act as an audit agency to the company.
On June 23, 2014, the company announced that the transaction was approved by the shareholders at the 2nd extraordinary shareholders meeting of 2014.
On October 16, 2014, the company announced that it has received reply on the approval of the transaction from China Securities Regulatory Commission.
On November 27, 2014, Lanzhou Haimo Technologies Co., Ltd. closed the transaction. The company has issued 6,086,956 A shares at a price of CNY 23 per share for gross proceeds of CNY 140,000,000. The company received net proceeds of CNY 128,300,000 upon deducting issuance expenses of CNY 11,700,000. The round included participation from Caitong Fund Management Co., Ltd., whch invested CNY 98,499,984 and Tianan Insurance Co., Ltd., which invested CNY 41,500,004 in the transaction. The shares being issued are subject to a hold period of 12 months from the date of issuance.