Zhejiang Tengen Intelligent Electric Co., Ltd. announced that it expects to receive CNY 100 million in funding from Zhejiang Tengen Electrics Co.,Ltd.
September 05, 2020
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Zhejiang Tengen Intelligent Electric Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 100,000,000 on September 6, 2020. The transaction will include participation from returning investor Zhejiang Tengen Electrics Co.,Ltd. (SHSE:605066) to retain its 100% stake in the company. The transaction has been approved in the second meeting of the eighth board of directors and the first meeting of the eighth board of supervisors of the investor. Post the transaction, the registered capital of the company will increase from CNY 80,000,000 to CNY 180,000,000.
Zhejiang Tengen Electrics Co Ltd is a China-based company mainly engaged in the research and development, production and sales of low-voltage electrical products. The Company's main products include power distribution appliances, control appliances, terminal appliances, power appliances, instrument appliances, etc., such as molded case circuit breakers, alternating curren contactors, miniature circuit breakers, transformers and meters. Its products are used in power distribution systems in industrial, commercial and civil buildings such as factories, shopping malls and residential buildings, as well as machine tools and other electrical control components of various industrial equipment and power grid supporting facilities. The Company mainly conducts its businesses in the China market.
ZHEJIANG TENGEN ELECTRICS CO.,LTD. 
