Zhonghuan Lingxian Semiconductor Materials Co., Ltd. announced an equity round of funding for the gross proceeds of CNY 2700 million on September 4, 2019. The transaction will include participation from returning investor Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. (SZSE:300316) for CNY 270 million, along with the participation from Tianjin Zhonghuan Semiconductor Co., Ltd. (SZSE:002129) for CNY 810 million, Central Hong Kong Holdings Limited for CNY 810 million and Wuxi Investment (Hong Kong) Co., Ltd. for CNY 810 million. Post closing, Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. (SZSE:300316) will retain 10% stake in the company, Tianjin Zhonghuan Semiconductor Co., Ltd. (SZSE:002129) will acquire 30% stake, Central Hong Kong Holdings Limited will acquire 30% stake and Wuxi Investment (Hong Kong) Co., Ltd. will acquire 30% stake in the company.

The transaction was approved in the 30th meeting of the third directorate of Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. (SZSE:300316). The transaction is subject to approval of shareholders of Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. (SZSE:300316) in general meeting of shareholders.