Hongfa Technology Co., Ltd. announced that it expects to receive CNY 830 million in funding.
December 26, 2012 at 11:00 pm EST
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Hongfa Technology Co., Ltd. (SHSE:600885) announced a private placement of not more than 99,630,000 A shares at a price of not less than CNY 8.33 per share for gross proceeds of not more than CNY 830,000,000 on December 27, 2012. The company will issue shares to not more than 10 specific investors. The company will receive the net proceeds of CNY 800,250,000 after deducting the issuance expenses. The shares issued will have a lock-up period of 12 months. The transaction was approved at the company's second session of the seventh directorate meeting, company's second session for the seventh supervisory board meeting, and China Securities Regulatory Commission. The transaction is still subject to the approval from the company's shareholders' meeting.
On April 12, 2013, the company announced that it has received approval for the transaction at annual general meeting of 2012.
On September 27, 2013, the company announced that the transaction was approved at the 9th session of the 7th directorate meeting of the company.
On November 18, 2013, the company announced that it has approval of application from the Issuance Examination Committee of China Securities Regulatory Commission upon examination and verification.
On December 10, 2013, the company announced that the transaction has been approved by the China Securities Regulatory Commission.
Hongfa Technology Co., Ltd. is a China-based company principally engaged in the research, manufacture and sale of relays. In addition to the main product of relays, the Company also provides low-voltage electrical appliances, high-and low-voltage complete sets of equipment, precision spare parts, sensors, capacitors and automation equipment. The products of the Company are applied in industrial, energy, transportation, information, life appliances, healthcare and national security industries. The Company also owns laboratories for relay detection and analysis. The Company distributes its products within domestic market and to overseas markets.
HONGFA TECHNOLOGY CO., LTD. 
