BAO WEI TECHNOLOGY CO., LIMITED announced that it expects to receive CNY 45.8948 million in funding from Neway Valve Co., Ltd.
November 16, 2020
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BAO WEI TECHNOLOGY CO., LIMITED announced that it will receive $7,000,000 (CNY 45,894,800) in an equity round of funding from returning investor Neway Valve (Suzhou) Co., Ltd. (SHSE:603699) on November 17, 2020. On-closing, the investor retains its 100% stake in the company. Post closing, the registered capital of the company will be changed to USD 19.6 million. The transaction was approved by the board of directors of Neway Valve (Suzhou) Co., Ltd. (SHSE:603699) in its sixteenth meeting of the company's fourth directorate and It does not need to be submitted to general meeting of shareholders for deliberation and must be approved or filed by relevant government authorities.
Neway Valve Suzhou Co Ltd is a China-based company primarily engaged in the production and research and development of industrial valves. The Companyâs main business is to provide customers with industrial valve solutions. The Companyâs main products include ball valves, butterfly valves, gate valves, globe valves, check valves, control valves, nuclear valves, subsea valves, safety valves and other products. The Companyâs products are used in petroleum, natural gas, refining, chemicals, shipbuilding and offshore engineering, power plants, long-distance pipelines, new energy and other industries. The Companyâs other products include actuators, control systems, manifolds, data header and other oil equipment applied to gas and oil industry. The Company conducts its business in the domestic and overseas markets.