Hengxin Shambala Culture Co.,Ltd. announced that it expects to receive CNY 1 billion in funding
August 25, 2019
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Hengxin Shambala Culture Co.,Ltd. announced a private placement of not more than 105,831,575 A shares for gross proceeds of not more than CNY 1,000,000,000 on August 26, 2019. The shares will be issued at a price, with pricing reference date to be the first day of issuance, the price shall either be not lower than the average stock price of 1 trading day before the first day of issuance or lower than the average stock price 20 trading days before the first day of issuance but not lower than 90% or lower than the average stock price 1 trading day before the first day of issuance but not lower than 90%. The transaction will involve participation from not more than 5 designated investors. The shares issued in the transaction will have a lock up period of 12 months after the issuance completion date within which they cannot be transferred if issue price is lower than the average stock price 20 trading days before the first day of issuance but not lower than 90% or lower than the average stock price 1 trading day before the first day of issuance but not lower than 90%, or no lock up period and can be listed immediately after issuance completion if the issue price is not lower than the average stock price 1 trading day before the first day of issuance. The transaction has been approved by the board of directors of the company in its 6th directorate in its 32nd meeting and by the companys 6th supervisory board in its 24th meeting. The transaction is subject to approval of shareholders in 3rd extraordinary general meeting to be held on September 11, 2019 and China Securities Regulatory Commission.
HENGXIN SHAMBALA CULTURE CO.,LTD., formerly HENGXIN MOBILE BUSINESS CO.,LTD., is a China-based company principally engaged in the industries supported by artistic creativity and visual technology. The Company operates through three main segments. The Computer Graphics (CG) and Visual Reality (VR) Content Production segment is mainly involved in the utilization of the Company's own CG and VR virtual reality content creation capabilities to build an image data asset library.The Children Industry Chain Development and Operation segment is mainly involved in the content production of childrenâs intellectual property (IP), channel distribution, derivative product licensing, and operation of the offline theme parks. The Location Based Entertainment (LBE) segment is mainly engaged in the provision of LBE venue design and manufacturing services to customers. Through its subsidiaries, the Company is also engaged in the mobile phone retail business and operator customized end product business.