Shanghai Luxin Packing Materials Science & Technology Co., Ltd. announced that it expects to receive CNY 734.10 million in funding.
July 04, 2014 at 12:00 am EDT
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Shanghai Luxin Packing Materials Science & Technology Co., Ltd. (SZSE:002565) announced a private placement of up to 98,404,825 shares at not less than CNY 7.46 per share for gross proceeds of up to CNY 734,100,000 on July 4, 2014. The transaction will include participation from maximum of 10 investors. The shares issued will be subject to a hold period of 12 months from closing. The transaction has been approved at the 21st meeting of the 2nd directorate and the 16th meeting of the 2nd supervisory board. The transaction is subject to the approval of the China Securities Regulatory Commission.
On July 21, 2014, the company announced that the transaction has been approved at the 2nd extraordinary general meeting of 2014.
Shanghai Shunho New Materials Technology Co.,Ltd., formerly Shanghai Luxin Packing Materials Science & Technology Co., Ltd., is a China-based company principally engaged in the research, development, manufacture, processing and distribution of packaging products. The Company's main products include vacuum metalized papers, polypropylene fibers for cigarettes, as well as white cardboards and laminated papers. The Company is also involved in the provision of printing materials, hologram papers as well as optical anti-counterfeiting films, among others. The Company's products are applied in the packing of tobaccos, food, beverages, sports goods, liquors and others. In addition, the Company also engages in the research, manufacture and distribution of natural biological fertilizer and organic feed, as well as the development of network technology, among others. The Company distributes its products within domestic market and to overseas markets.
SHANGHAI SHUNHO NEW MATERIALS TECHNOLOGY CO.,LTD. 
