Suzhou Secote Precision Electronic Co.,LTD announced that it expects to receive CNY 700 million in funding
July 23, 2019
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Suzhou Secote Precision Electronic Co.,LTD (SHSE:603283) announced a private placement of not more than 32,552,780 shares for a gross proceeds of not more than CNY 700 million on July 24, 2019. The transaction will include participation from not more than 10 specific investors. The transaction was approved at the 13th session of the 2nd directorate of the company. The transaction is further subject to approval from the shareholders of the company and China Securities regulatory Commission. The shares issued as part of the transaction will carry a lock in period of 12 months from the date of issue.
Suzhou Secote Precision Electronic Co Ltd is a company engaged in research and development, design, production and sales of intelligent manufacturing equipment and provision of related technical services. The Company's products are mainly comprised of automated equipment, fixtures and jigs, including small size tag labeling machines, bearing pressing equipment, automatic footwear glue pressing machines and so on. The products are used in a range of areas, including the new energy vehicle, semiconductor, lithium battery and consumer electronic, such as smartphones, tablets and laptops.
SUZHOU SECOTE PRECISION ELECTRONIC CO.,LTD 
