Jinneng Science & Technology Co., Ltd. announced that it expects to receive CNY 999.999995 million in funding
April 16, 2020
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Jinneng Science & Technology Co., Ltd. (SHSE:603113) announced that it has entered into a subscription agreement for private placement of not more than 131,406,044 A shares at a price of CNY 7.61 per share for gross proceeds of not more than CNY 999,999,995 on April 17, 2020. The transaction will include participation from returning individual investor Qin Qingping with collateral entry-into-force condition. The transaction has been approved by the 23rd meeting of the 3rd directorate of the company and is still subject to approval from its shareholders in the 2nd special shareholders' meeting of 2020 to be held on May 8, 2020, and the approval of China Securities Regulatory Commission. The shares are subject to a lock up period of 18 months from the date of issuance. The transaction is valid for 12 months since issuance date.
Jinneng Science & Technology Co Ltd is a China-based company mainly engaged in the production and sales of chemical products. The Company's main businesses include fine chemicals, coal chemicals, and petrochemicals. The Company mainly integrates coking and chemical production, coal tar deep processing and carbon black production, p-cresol production, sour alkali and white carbon black production, sorbic acid and potassium sorbate production, methanol co-production of synthetic ammonia, gas turbine combined cycle thermal power co-production and other businesses are integrated. The Company's main products include coke, carbon black, white carbon black, sorbic acid and potassium sorbate, p-methyl phenol, methanol, pure benzene, etc., mainly used in steel, automobiles, plastics, chemical fiber, food, medicine and other industries. The Company distributes its products within the domestic market and to overseas market.
JINNENG SCIENCE&TECHNOLOGY CO.,LTD 
