Suzhou Xianglou New Material Co., Ltd. announced that it expects to receive CNY 107.172 million in funding
February 02, 2023
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Suzhou Xianglou New Material Co., Ltd. announced that it has signed the Conditional Effective Subscription Agreement for issuing 3,600,000 A shares at an issue price of CNY 29.77 per share for the gross proceeds of CNY 107,172,000 on February 3, 2023. The transaction will include participation from Suzhou Hesheng Holdings Co., Ltd. The shares have a holding period of 36 months from the date of completion of this issuance. The transaction has been approved in the 7th session of the company's 3rd directorate and the 6th session of the company's 3rd supervisory board of the company and is subject to the approval of the company's shareholders, the Shenzhen Stock Exchange and the China Securities Regulatory Commission.
On April 24, 2023, the company announced that the transaction has been approved by the shareholder's of the company in the ninth meeting of the company's third board of directors. The resolution of this issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.
Suzhou Xianglou New Material Co Ltd is a China-based company mainly engaged in steel production. The Company's main business is the research and development, production and sales of customized precision stamping special steel materials. The Company's main products include carbon structural steel, alloy structural steel, spring steel, bearing steel, tool steel and others. The Company's products are mainly used in automotive engines, transmissions and clutches, seating systems, interior systems and precision tools.