Ningbo Yasheng Garden Landscape Co., Ltd. announced that it expects to receive CNY 974 million in funding from Youngor Group Co., Ltd.
September 19, 2017
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Ningbo Yasheng Garden Landscape Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 974,000,000 on September 20, 2017. The transaction will involve participation from returning investor Youngor Group Co., Ltd. (SHSE:600177). Post the closing of the transaction the registered capital will increase from CNY 26,000,000 to CNY 1,000,000,000. Post the closing of the transaction the investor will retain its 100% stake in the company. The transaction is subject to approval from the chairman of the board of the investor and does not need its shareholders board approval. Post the closing of the transaction the name of the company will change to Ningbo Hongya Investment Co., Ltd. The company reported total assets of CNY 39,388,500, net assets of CNY 39,305,100, revenue of CNY 17,131,100, and net profit of CNY 11,878,800 for the year ended December 31, 2016.
Youngor Fashion Co Ltd, formerly Youngor Group Co Ltd, is a China-based company, principally engaged in the production of apparels, the provision of clothing original equipment manufacturer (OEM) services, as well as property development. The Company's main products include shirts, western-style clothes, pants and tops. The Company distributes its products under brands named YOUNGOR, Mayor, Hart Schaffner Marx and GY, among others. The Company mainly operates its real estate business in Ningbo, Suzhou, Hangzhou, Shanghai and other cities of China.