Shanghai LongYun Media Group Co., Ltd. announced that it expects to receive CNY 227.08 million in funding
June 08, 2021
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Shanghai LongYun Media Group Co., Ltd. announced a private placement of 28,000,000 A shares at a price of CNY 8.11 per share for a gross proceeds of not exceeding CNY 227,080,000 on June 9, 2021. The transaction will include participation from returning individual investor Duan Peizhang who directly owns 24.74% stake in the company. The transaction has been approved in the ninth meeting of the fifth board of directors and the ninth meeting of the fifth board of supervisors of the company. The transaction is still needs to be approved by the shareholders of the company and from the China Securities Regulatory Commission. The shares subscribed by the investor have a lockup period of 36 months from the completion date of the equity registration.
On June 10, 2021, the company announced the agreement is in force conditions with specific objects for subscription of non-public shares issuance.
Shanghai LongYun Cultural Creation & Technology Group Co Ltd, formerly Shanghai LongYun Media Group Co Ltd, is a China-based company mainly engaged in advertising business. The Company's business includes advertising case service business and advertising media agency business, providing customers with market research, brand management, creative design, video production, advertising strategy, advertising execution, advertising evaluation and other case marketing services. In addition, the Company is also engaged in the business of liquor sales.