Xi'an ChenXi Aviation Technology Corp., Ltd. announced that it expects to receive CNY 599.999998 million in funding
July 25, 2020
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Xi'an ChenXi Aviation Technology Corp., Ltd. (SZSE:300581) announced that it has entered into a subscription agreement with the investors for the private placement of not more than 45,214,770 shares at an issue price of CNY 13.27 per share for gross proceeds of not more than CNY 600,000,000 on July 26, 2020. The transaction will involve participation from Nanjing Runke Industry Investment Co., Ltd. and Shaanxi Private Economy High Quality Development Relief Fund Partnership Enterprise (L.P.), a fund managed by Shaanxi Investment Fund Management Co., Ltd. for 22,607,385 shares for gross proceeds of CNY 300,000,000 each. The shares to be issued will be on hold for 18 months from the closing of the transaction. The transaction has been approved by the board of directors of the company in its tenth meeting of the third board of directors and is still subject to approval of its general meeting of shareholders, National Defense Technology Industry Bureau, Shenzhen Stock Exchange, and by the China Securities Regulatory Commission.
XiAn ChenXi Aviation Technology Corp is a company engaged in research and development, production and sales of aviation electromechanical products and provision of related professional technical services. The Company's products include aviation inertial navigation, aviation engine electronics and drones. The aviation inertial navigation products include flexible strapdown inertial integrated navigation system, fiber optic strapdown inertial integrated navigation system and navigation computer components. The aeroengine electronic products include aeroengine parameter collector and aeroengine electronic control system. The Company also produces antennas, power adapters and aero engine nozzles.