Jiangsu Luokai Electric Co., Ltd. announced that it expects to receive CNY 25 million in funding from Jiangsu Luokai Mechanical &Electrical Co., Ltd., Seven Stars Electric Co., LTD.
December 24, 2019
Share
Jiangsu Luokai Electric Co., Ltd. announced that it has entered into an investment cooperation agreement to receive CNY 25,000,000 in an equity round of funding on December 25, 2019. The transaction will include participation from returning investor Jiangsu Luokai Mechanical &Electrical Co., Ltd. (SHSE:603829) whose stake will change from 80% to 51% post completion for an investment of CNY 5,500,000 and Sevenstars Electric Co., Ltd. will control 42.5% stake post completion for an amount of CNY 19,500,000. The transaction was approved by the 14th session of second directorate and the 13th session of the second supervisory board of Jiangsu Luokai Mechanical &Electrical Co., Ltd.
Jiangsu Luokai Mechanical & Electrical Co., Ltd. is a China-based company principally engaged in the research, development, production and sale of key components, accessories, parts and other supporting products of transmission and distribution switch equipment. The Company's main products include low-voltage and high-voltage circuit breaker (drawing) frames, low-voltage circuit breaker operating mechanisms, high-voltage circuit breaker operating mechanisms, other high-voltage transmission and distribution equipment operating mechanisms, circuit breaker accessories and spare parts. The Company's products are mainly used in power distribution facilities of power systems. The Company distributes its products in domestic market and to overseas markets.
Jiangsu Luokai Electric Co., Ltd. announced that it expects to receive CNY 25 million in funding from Jiangsu Luokai Mechanical &Electrical Co., Ltd., Seven Stars Electric Co., LTD.
JIANGSU LUOKAI MECHANICAL &ELECTRICAL CO., LTD. 
