Zhejiang Sanhua Automotive Components Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 1,301,310,000 on September 22, 2017. The transaction will involve participation from returning investor Zhejiang Sanhua Intelligent Controls Co., Ltd. (SZSE:002050). Post the closing of the transaction, the investor will retain its 100% stake in the company. Of the total proceeds, CNY 1,300,000,000 will be added to registered capital and CNY 1,310,000 will be added to capital reserve. Post the closing of the transaction, the registered capital will increase from CNY 160,000,000 to CNY 1,460,000,000. The transaction was approved by the investor at the 28th session of its 5th directorate. The company reported total assets of CNY 1,150,065,400, total liabilities of CNY 585,649,800, shareholders equity of CNY 564,415,600, revenue of CNY 904,248,800, and net profit of CNY 133,514,600 for the year ended December 31, 2016.