Traffic Control Technology Co., Ltd. announced that it expects to receive CNY 1,000 million in funding from Beijing Infrastructure Investment Co.,Ltd and other investors
November 16, 2020
Share
Traffic Control Technology Co., Ltd. (SHSE:688015) announced a private placement of not exceeding 32,000,000 A shares of par value of CNY 1 for total gross proceeds not more than CNY 1,000,000,000 on November 17, 2020. The transaction included participation from not more than 35 special investors including Beijing Infrastructure Investment Co.,Ltd. The company has entered into agreement with the Beijing Infrastructure Investment Co.,Ltd. Issuance price will be not lower than 80% of the average price of the company’s shares as of 20 trading days since issuance date. The transaction was approved by board of directors at 20th meeting of the 2nd directorate and 17th meeting of the second board of supervisors of the company. The transaction is subjected to approval of shareholders, Shanghai Stock Exchange and the China Securities Regulatory Commission. The securities issued are subjected to hold period of 18 months for shares issued to Beijing Infrastructure Investment Co.,Ltd, and 6 months for other shares. The transaction will be valid for 12 months since approval from the shareholders’ meeting of the company.
Traffic Control Technology Co Ltd is a China-based company mainly engaged in the general contracting of signal system projects. The Company is mainly engaged in the research and development of urban rail transit signal systems, the development of key equipment, system integration, general contracting of signal systems, maintenance services and other related technical services. The Company's main products include the communication-based train control (CBTC) system, the CBTC interconnected train operation control (I-CBTC) system and the fully automatic operation (FAO) system. Its products are mainly used in urban rail transit, passenger railway, heavy-haul freight railway, urban rail transit, etc. The Company also provides maintenance services and sporadic sales. The Company mainly conducts its business in domestic and overseas markets.
Traffic Control Technology Co., Ltd. announced that it expects to receive CNY 1,000 million in funding from Beijing Infrastructure Investment Co.,Ltd and other investors