Tong Petrotech Corp. announced that it expects to receive CNY 159.999999 million in funding from Binhaitiandi Investment Management Ltd-Binhai Chang’an No.1 Private Securities Investment Fund, Beijing Yanheng Investment Co., Ltd., Nuode Asset Management Co., Ltd., Caitong Fund Management Co., Ltd., Shenzhen Century Zhiyuan Private Securities Fund Management Co., Ltd., Beijing Lixiangjia Private Equity Fund Management Co., Ltd.
November 10, 2022
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Tong Petrotech Corp. announced a private placement of not more than 60,000,000 shares at issue price not less than 80% of the average price in the 20 trading days before the pricing reference date for gross proceeds of CNY 160,000,000 on November 11, 2022. The transaction will include participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved by the board of directors in its 33rd Meeting of the 7th Directorate. This is subject to the approvals of the company's Directorate, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.
On January 18, 2023, the company announced that the Shenzhen Stock Exchange accepted the application for issuing stocks to specific objects through simplified procedures.
Tong Petrotech Corp., formerly Tong Oil Tools Co., Ltd., is a China-based company principally engaged in the research, development, manufacture and sale of perforations, as well as the provision of related services. The Company's main products are composite perforator products. The Company also provides drilling, fracturing, cable logging, perforation and completion services. The Company distributes its products in domestic market and to overseas markets, such as North America, South America, North Africa and Middle Asia.
TONG PETROTECH CORP. 
