Anhui Changrun Payment Business Co., Ltd. announced that it has received CNY 70 million in funding from Hefei Department Store Group Co., Ltd. and other investors.
September 05, 2014 at 12:00 am EDT
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Anhui Changrun Payment Business Co., Ltd. announced a private placement of 70,000,000 shares at CNY 1 per share for gross proceeds of CNY 70,000,000 on May 13, 2014. The company entered into a capital increase share expansion agreement on the same date with the investors. As part of the transaction, existing investors, Anhui Yihui Network Technology Co., Ltd. and Anhui Market Star Newspaper will invest CNY 28,000,000 and CNY 7,000,000 respectively. New investor, Hefei Department Store Group Co., Ltd. will invest CNY 35,000,000 in the company. As part of the transaction, the existing investors will retain 43% and 10% stake in the company and the new investor will take 35% stake. The transaction was approved at the 4th session of the 7th directorate of Hefei Department Store Group Co., Ltd. The transaction is not subject to approval from the shareholders of the investor company and is subject to People's Bank of China and its Hefei center branch record filing and approval.
On closing, the capital of the company will increase from CNY 30,000,000 to CNY 100,000,000. The company reported total assets of CNY 28,470,000, net assets of CNY 27,940,000, revenues of CNY 5,400, and net loss of CNY 211,000 for the financial year ended December 31, 2013.
On September 5, 2014, Anhui Changrun Payment Business Co., Ltd. closed the transaction. The company issued 70,000,000 shares at CNY 1 per share for gross proceeds of CNY 70,000,000. The company has received approval from People's Bank of China and its Hefei center branch record filing. The company has completed relevant capital verification and industry and commerce registration modification works. The investors have taken 70% stake in the transaction.
HEFEI DEPARTMENT STORE GROUP CO.,LTD is a China-based company principally engaged in department store retailing business. The Company operates its retailing business through general department stores, chain supermarkets, household appliance retail stores and electronic commerce. The Company's products mainly include men's and women's apparel, accessories, jewelry, watches and glasses, shoes, hats, bags, beddings and cosmetics, among others. The Company is also involved in agricultural product market trading and real estate business. The Company operates its business mainly in Hefei and Bengbu in Anhui Province, China.
Anhui Changrun Payment Business Co., Ltd. announced that it has received CNY 70 million in funding from Hefei Department Store Group Co., Ltd. and other investors.