Weifang Huayi Agri Tech Co., Ltd announced that it expects to receive CNY 20 million in funding from Shandong Meichen Ecology & Environment Co.,Ltd.
October 19, 2020
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Weifang Huayi Agri Tech Co., Ltd announced that it has entered into an agreement to issuer common shares for gross proceeds of CNY 20,000,000 on October 20, 2020. The transaction will include participation from new investor Shandong Meichen Ecology & Environment Co.,Ltd. (SZSE:300237) for 14.54% stake in the company. The transaction has been approved at the 25th meeting of the fourth board of directors of the investor. Of total proceeds, CNY 2,320,000 will be used to increase the registered capital, and CNY 17,680,000 will be included in the capital reserve.
Shandong Meichen Ecology & Environment Co., Ltd., formerly Shandong Meichen Science & Technology Co., Ltd., is principally engaged in the research, development, production and sale of rubber products applied as automobile components. The Companyâs products consist of rubber distance rods, air springs, chair air springs, chassis air springs, power assembly suspensions, radiator and exhaust pipe suspensions, rubber supports, beams, fender supports, cab supports, air suspensions, rubber suspensions, turbo charger air pipes, intercooler in and out pipes, filter air pipes, engine cooling water pipes, braking soft tubes, engineering machinery tubes, as well as engineering plastic products, among others. The Company distributes its product within domestic market and to overseas markets.
SHANDONG MEICHEN ECOLOGY & ENVIRONMENT CO.,LTD. 
