Hongbaoli Group Taixing Chemical Co., Ltd. announced that it expects to receive CNY 500 million in funding from Hongbaoli Group Corporation, Ltd.
March 26, 2019
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Hongbaoli Group Taixing Chemical Co., Ltd. announced a private placement of common shares for the gross proceeds of CNY 500 million on March 27, 2019. The transaction will include participation from the returning investor Hongbaoli Group Corporation, Ltd. (SZSE:002165). Post the completion of the transaction, the registered capital of the company will increase from CNY 500 million to CNY 1,000 million. The transaction has been approved at the 22nd meeting of the 8th directorate of the investor. The transaction is subject to approval from the shareholders of the investor. The company reported a total assets of CNY 1,451.6877 million, the total liabilities of CNY 969.4488 million, the net assets of CNY 482.2389 million, and the net loss CNY 9.2457 million for the year ending December 31, 2018.
Hongbaoli Group Corporation Ltd is a China-based company mainly engaged in the research and development, production and sales of propylene oxide derivatives. The Company is also engaged in the research and development, production and sales of propylene oxide and polyurethane insulation boards. The propylene oxide derivatives include polyurethane rigid foam combination polyether, special polyether and isopropanolamine series products. The Company's products are exported to Asia, Europe, America, Africa and other countries and regions.