Elvo Pte. Ltd. announced a private placement of common shares for gross proceeds of SGD 2,000,000 on April 12, 2017. The transaction will involve participation from existing investor Zhongyeda Electric Co., Ltd. (SZSE:002441). Post the closing of the transaction, the registered capital of the company will increase from SGD 500,000 to SGD 2,500,000. The transaction was approved by the investor at the 35th session of its 3rd directorate meeting. The company reported total assets of CNY 3,258,912.66 (SGD 15,656,435.61), net assets of CNY 1,836,862.09 (SGD 8,824,634.48), revenue of SGD 0, and net profit of CNY 586,680.97 (SGD -2,818,526.85) for the year ended December 31, 2016.