Zhejiang Changsheng Plastic Bearing Technology Co., Ltd announced that it expects to receive CNY 34.7538 million in funding from Zhejiang Changsheng Sliding Bearings Co., Ltd.
November 19, 2017
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Zhejiang Changsheng Plastic Bearing Technology Co., Ltd announced a private placement of common shares for gross proceeds of CNY 34,753,800 on November 20, 2017. The transaction will involve participation from Zhejiang Changsheng Sliding Bearings Co., Ltd. (SZSE:300718) and other investors. The transaction will take place in tranches, the company announced that it has received CNY 25,806,500 in its first tranche close. Of the gross proceeds of first tranche, Zhejiang Changsheng Sliding Bearings Co., Ltd. (SZSE:300718) will invest CNY 20,000,000 and other investors will invest CNY 5,806,500 and CNY 10,000,000 will go to registered capital whereas, CNY 15,806,500 will go to capital reserve. Post the closing of the transaction, the registered capital will increase from CNY 15,000,000 to CNY 25,000,000. The transaction was approved by Zhejiang Changsheng Sliding Bearings Co., Ltd. (SZSE:300718) in its 1st extraordinary session of the 3rd meeting of the board of directors.
Zhejiang Changsheng Sliding Bearings Co Ltd is a company engaged in research, development, production and sales of self-lubricating bearings. The Company's products are comprised of metal-plastic polymer self-lubricating rolled bearings, bimetallic boundary lubricating rolled bearings, metal-based self-lubricating bearings, copper-based boundary lubricating rolled bearings, non-metallic self-lubricating bearings and other bearings. The products are used in a range of industries, including automobiles, engineering machinery, port machinery, plastic machinery, agricultural machinery and so on. The Company sells its products to both domestic and international markets, including South Korea, Germany, Britain, Italy, France and Sweden.
Zhejiang Changsheng Plastic Bearing Technology Co., Ltd announced that it expects to receive CNY 34.7538 million in funding from Zhejiang Changsheng Sliding Bearings Co., Ltd.
ZHEJIANG CHANGSHENG SLIDING BEARINGS CO., LTD. 
