Shandong Beifang Binhai Machinery Co., Ltd. announced that it expects to receive CNY 498.60 million in funding from North Industries Group Red Arrow Co., Ltd.
April 23, 2017
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Shandong Beifang Binhai Machinery Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 498,601,657.68 on April 24, 2017. The transaction will involve participation from returning investor, North Industries Group Red Arrow Co., Ltd. (SZSE:000519) and the investor will retain its 100% stake in the company. The transaction was approved in the 36th meeting of the 9th directorate of North Industries Group Red Arrow Co., Ltd. and requires its shareholders’ approval. The company reported total assets of CNY 689,727,900.0, total liabilities of CNY 134,594,300, net assets of CNY 555,133,600, revenue of CNY 579,024,900, and net profit of CNY 39,093,000 for the year ended December 31, 2016.
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.
Shandong Beifang Binhai Machinery Co., Ltd. announced that it expects to receive CNY 498.60 million in funding from North Industries Group Red Arrow Co., Ltd.
NORTH INDUSTRIES GROUP RED ARROW CO., LTD 
