Shandong Head Co.,Ltd. announced that it expects to receive CNY 199.999984 million in funding
May 09, 2020
Share
Shandong Head Co.,Ltd. (SZSE:002810) announced that it has entered into a share subscription agreement of 14,184,396 common shares at a price of CNY 14.10 per share for gross proceeds of not more than CNY 200,000,000 on May 10, 2020. The transaction will include participation from individual investors Bi Yudong for 10,638,297 shares and Gao Qi for 3,546,099 shares. The shares Bi Yudong subscribes to cannot be transferred within 36 months from the issuance closing date and the shares Gao Qi subscribes to cannot be transferred within 18 months from the issuance closing date. The transaction was approved by board of directors in the 2nd Meeting of the 8th Directorate. The transaction is subject to the approval of the shareholders of the company and approval of the China Securities Regulatory Commission.
On May 18, 2020, the company announced that the transaction will be approved in the 1st extraordinary general meeting of 2020 to be held on June 3, 2020.
Shandong Head Group Co Ltd, formerly Shandong Head Co Ltd, is a China-based company mainly engaged in development, manufacture and sales of water-soluble polymer. The main product of the Company is non-ionic cellulose ether. The Company also manufactures methyl cellulose (MC), hydroxyl ethyl cellulose (HEC), methyl hydroxyl ethyl cellulose (MHEC), hydroxyl propyl celiulose (HPC) and others. The Company's products are widely used in building materials, medicine, food, textiles, daily chemicals, petroleum exploration, mining, papermaking, polymerization, aerospace and other fields. The Company distributes its products in domestic market and to overseas markets.
SHANDONG HEAD GROUP CO.,LTD. 
