Suzhou Hesheng Special Material Co.,Ltd. cancelled the transaction announced on April 17, 2014.
October 09, 2014 at 12:00 am EDT
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Suzhou Hesheng Special Material Co.,Ltd. (SZSE:002290) announced that it has entered into a share subscription agreement for a private placement of 16,484,516 common shares at CNY 10.98 per share for gross proceeds of CNY 181,000,000 on April 17, 2014. The transaction will include participation from individual investor, Jiang Xueyuan, who will invest CNY 99,200,000 for 9,034,608 shares, Anhui Anyi Datong Equity Investment Partnership, a fund managed by Future Value Capital, which will invest CNY 50,000,000 for 4,553,734 shares, and Huafang Group Co., Ltd., which will invest CNY 31,800,000 for 2,896,174 shares. The shares being issued are subject to a lock-in period of 36 months from the date of issuance. Chinalion Securities Co., Ltd. will act as the independent financial advisor to the company. On the same date, the transaction was approved at the 14th session of the 3rd directorate of the company.
On October 9, 2014, Suzhou Hesheng Special Material Co.,Ltd. cancelled the transaction. The decision was approved in the 17th session of the 3rd directorate of the company.
Suzhou Hesheng Special Material Co Ltd, formerly Suzhou China Create Special Material Co Ltd, is a China-based company principally engaged in the research, development, manufacture and sale of composite materials for surface components of home appliances. The Companyâs products portfolio consists of pre-coated metal (PCM) sheets, which are used as skin plate materials and side and back plate materials for home appliances, including refrigerators and washing machines, and vinyl coated metal (VCM) sheets, which are used as skin plate materials for home appliances, including refrigerators, washing machines and electrical heating machines. Through its subsidiaries, the Company is also engaged in the research, development, manufacture and sale of coating composite materials. The Company distributes its products within domestic market and to overseas markets.