Shanghai Chunmi Electronic Technology Co., Ltd. announced that it expects to receive $7.089412 million in funding from Shanghai Flyco Electrical Appliance Co., Ltd.
March 19, 2020
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Shanghai Chunmi Electronic Technology Co., Ltd. signed a capital increase agreement with new investor Shanghai Flyco Electrical Appliance Co., Ltd. (SHSE:603868) for the proceeds of $7,089,411.76 on March 20, 2020. The company will issue units in the transaction at a price of $34.64. The transaction has been approved by the company’s 3rd directorate in its 7th meeting. Post share transfer and capital increase, the investor will hold a total of 15% stake in the company. The round has been raised at a pre-money valuation of $230,000,000.
Shanghai Flyco Electrical Appliance Co.,Ltd. is a China-based company, principally engaged in the research and development, manufacture and sales of personal care appliances. The Company's main products include electric shavers and hair dryers. The Company's products also include hair ball trimmers, electric irons, electric hair clippers, hair curlers, garment steamers, intelligent sweepers, among others. The Company distributes its products within domestic market and to overseas markets.
Shanghai Chunmi Electronic Technology Co., Ltd. announced that it expects to receive $7.089412 million in funding from Shanghai Flyco Electrical Appliance Co., Ltd.
SHANGHAI FLYCO ELECTRICAL APPLIANCE CO., LTD. 
