Shanghai Edrive Co., Ltd. announced that it expects to receive CNY 1.125 billion in funding from Zhongshan Broad-Ocean Motor Co., Ltd.
June 29, 2019
Share
Shanghai Edrive Co., Ltd. announced that it will receive CNY 1,125,000,000 in an equity round of funding from existing investor Zhongshan Broad-Ocean Motor Co., Ltd. (SZSE:002249) on June 30, 2019. Post the closing of the transaction, the investor will retain its 100% stake in the company. Of the total amount, CNY 45,528,100 will be included in the registered capital and CNY 1,079,471,900 will be added as capital reserve. The current registered capital of the company is CNY 75,411,000. The transaction has been approved at the investor's 5th directorate’s 2nd meeting. The transaction does not need the investor's shareholders' approval.
ZHONGSHAN BROAD-OCEAN MOTOR CO., LTD is an electrical appliance manufacturer. The Company operates its businesses through four segments. The Household Appliances and Household Electrical Appliances segment provides air conditioning load motors, washing machines/dryer motors and others. The New Energy Vehicle Powertrain System segment provides new energy vehicles drive motors and controllers, among others. The Vehicle Rotating Electrical Appliances segment includes traditional car starters and generators. The New Energy Vehicles Operating Platform segment is engaged in the new energy car rental and Internet custom car, new energy vehicle charging station operation, charge pile construction and the provision of other operation and supporting services. The Company conducts its businesses within domestic and overseas markets.
ZHONGSHAN BROAD-OCEAN MOTOR CO., LTD. 
