Hengyi Petrochemical Co., Ltd. announced that it expects to receive CNY 3.00067 billion in funding from Beixin Ruifeng Fund Management Co.,Ltd., Xinyuan Asset Management Co., Ltd, Tianjin Xinxiang Enterprise Management Partnership Enterprise (Limited Partnership), Huaan Financial Asset Management Company, Shanghai Beixin Ruifeng Asset Management Co., Ltd.
March 12, 2018
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Hengyi Petrochemical Co., Ltd. (SZSE:000703) announced that it will receive CNY 3,300,670,000 in equity funding on March 13, 2018. The transaction will include participation from 10 investors. Pricing reference date will be the first day of issuance. Issue price for the shares to be issued in this private placement shall not be lower than 90% of the average stock price 20 trading days before the pricing reference date. The shares subscribed in cash by the investors will have a lock-up period of 12 months after share listing date within which they cannot be transferred or entrusted to others. The transaction has been approved by company’s 10th directorate in its 9th meeting. The transaction is subject to approval by a secondary directorate after the relevant audit and assessment works are completed and target transaction prices are confirmed, company's shareholders approval, Ministry of Commerce's approval, and China Securities Regulatory Commission approval.
Hengyi Petrochemical Co. is one of the leading petrochemical groups in China. The activity is organized around three sectors:
- trading of petrochemical products;
- manufacture of polyester fibers;
- manufacture of purified terephthalic acid.