Zhejiang Shenke Slide Bearing Technology Co., Ltd announced a private placement for gross proceeds of CNY 40 million on July 18, 2019. The transaction will include participation from returning investor Shenke Slide Bearing Corporation (SZSE:002633), to retain its 100% stake in the company. The company will issue common shares in the transaction. Post completion of the transaction, registered capital of the company will increase from CNY 10 million to CNY 50 million. The transaction has been approved in the 11th session of 4th directorate of the investor, parent of the company.