Neway Industrial Materials Co., Ltd announced that it expects to receive CNY 92 million in funding from Neway Valve Co., Ltd.
August 12, 2020
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Neway Industrial Materials (Dafeng) Co., Ltd announced that it will receive CNY 92,000,000 in an equity round of funding from returning investor Neway Valve (Suzhou) Co., Ltd. (SHSE:603699) on August 13, 2020. Post the closing of the transaction, the investor will continue to hold 100% stake in the company and the registered capital of the company will increase from CNY 88,447,722 to CNY 180,447,628.8. The transaction was approved at the twelfth meeting of the fourth board of directors of the investor. The transaction is subject to the deliberation by the shareholders of the investor at the general meeting and must be approved or filed by relevant government authorities.
Neway Valve (Suzhou) Co., Ltd. is a China-based company, principally engaged in the design, manufacture and distribution of industrial valves. The Company's main products include sluice valves, ball valves, isolating valves, check valves, butterfly valves, control valves, safety valves, nuclear power valves, as well as wellhead equipment and others. Its products are applied in petroleum, natural gas, refining, chemical, ships, electric power, long-distance transport pipes and other industries. The Company distributes its products in both domestic and overseas markets.
NEWAY VALVE (SUZHOU) CO., LTD. 
