Seven Stars Electric Co., LTD. announced that it expects to receive CNY 90 million in funding from Jiangsu Luokai Mechanical &Electrical Co., Ltd., and other investors
December 24, 2019
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Seven Stars Electric Co., LTD. announced that it will receive CNY 90,000,000 in an equity round of funding on December 25, 2019. The transaction will involve participation from returning investor Seven Stars Electric Co., LTD. for CNY 32,500,000, new investors, Jiangsu Luokai Mechanical &Electrical Co., Ltd. (SHSE:603829) for CNY 51,000,000 for 51% stake, new individual investors, Yan Tao for CNY 5,000,000 for 5% stake, Chen Yuexin, Chen Yuxin, and Zhang Zhengchen for CNY 500,000 and 0.5% stake in the company each. Post completion of the transaction, the registered capital of the company will increase from CNY 10,000,000 to CNY 100,000,000; and Seven Stars Electric Co., LTD. will own 42.5% stake in the company. The transaction was approved by Jiangsu Luokai Mechanical &Electrical Co., Ltd. (SHSE:603829) in its 14th session of 2nd directorate and the 13th session of its 2nd supervisory board.
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.
Seven Stars Electric Co., LTD. announced that it expects to receive CNY 90 million in funding from Jiangsu Luokai Mechanical &Electrical Co., Ltd., and other investors