Hunan Jiangnan Red Arrow Co., Ltd. announced that it has received CNY 1.32 billion in funding from Beijing Infrastructure Investment Co., Ltd., Shenyin Wanguo Investment Co., Ltd., and other investors.
December 11, 2013 at 12:00 am EST
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Hunan Jiangnan Red Arrow Co., Ltd. (SZSE:000519), formerly known as Zhongnan Diamond Co., Ltd. announced a private placement of shares on September 24, 2012. The transaction and reorganization plan was approved at the company's 10th session for its 8th directorate meeting. The transaction is still subject to the approval from the State-Owned Assets Management Department, company's shareholders' meeting, and China Securities Regulatory Commission.
On September 28, 2012, the company announced that it will issue A shares at not less than CNY 9.68 per share to up to 10 investors in this transaction.
On January 30, 2013, the company announced that it will issue 136,715,909 A shares at not less than CNY 9.6736 per share for gross proceeds of CNY 1,323,410,000. Citic Securities Co., Ltd. will serve as independent financial advisor for the company. EastBright Law Firm will act as the legal advisor to the company. On the same date, the company held its 12th session for its 8th directorate meeting and approved this transaction. Approvals from the state-owned assets management department, company's shareholders' meeting, and China Securities Regulatory Commission are still pending.
On February 18, 2013, the company announced that the State-owned Assets Supervision and Administration Commission of the State Council approved the transaction.
On March 27, 2013, the company announced that it has received approval from 1st special stockholders' meeting of 2013.
On December 11, 2013, Hunan Jiangnan Red Arrow Co., Ltd. closed the transaction. The company issued A shares at CNY 9.68 per share for gross proceeds of CNY 1,323,409,999.12. The transaction included participation from nine investors including, Shenyin Wanguo Investment Co., Ltd. and Beijing Infrastructure Investment Co., Ltd.
NORTH INDUSTRIES GROUP RED ARROW CO., LTD, formerly HUNAN JIANGNAN RED ARROW CO.,LTD, is a China-based company principally engaged in the research, development, manufacture and sale of superhard materials, intelligent ammunition products and internal combustion engine parts. The Companyâs superhard materials mainly include synthetic diamonds, cubic boron nitrides single crystal and polycrystalline series, composite materials and high-purity graphite and related products, among others. The Company's intelligent ammunition products mainly include large caliber shells, rocket bombs, missiles and submunitions, among others. The Companyâs internal combustion engine parts mainly include gasoline, diesel engine cylinder liners and pistons, among others. The Company distributes its products in domestic market and to overseas markets.
Hunan Jiangnan Red Arrow Co., Ltd. announced that it has received CNY 1.32 billion in funding from Beijing Infrastructure Investment Co., Ltd., Shenyin Wanguo Investment Co., Ltd., and other investors.