Jiangsu Lugang Culture Co., Ltd. announced that it expects to receive CNY 599.911175 million in funding from Zhejiang Cultural Industry Investment Group Co., Ltd.
July 09, 2020
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Jiangsu Lugang Culture Co., Ltd. (SHSE:601599) announced a private placement of no more than 267,817,489 A common shares for gross proceeds of CNY 599,911,175.36 on July 10, 2020. The transaction will involve participation from Zhejiang Cultural Industry Investment Group Co., Ltd. The company has signed share subscription agreement with the investor. The transaction has been approved by the board of directors of the company at its second meeting of the fifth directorate. The transaction still needs the approval of the relevant state-owned assets authorities, the company's general meeting of shareholders and the China Securities Regulatory Commission. The shares cannot be transferred within 36 months from the issuance closing date.
Zhewen Pictures Group Co Ltd, formerly Jiangsu Lugang Culture Co Ltd, is principally engaged in the manufacture and distribution of knitted woolen yarns and worsted woolen fabrics. The Company primarily provides worsted yarns, semi-worsted yarns and worsted woolen fabrics. Its products are applied in the manufacture of shirts, suits and others. The Company is also engaged in the production and distribution of traditional television (TV) series, the investment and distribution of movies, as well as the development, production and distribution of new media products such as network dramas. Through its subsidiaries, the Company also engages in hotel business. The Company conducts its businesses in domestic and overseas markets.
Jiangsu Lugang Culture Co., Ltd. announced that it expects to receive CNY 599.911175 million in funding from Zhejiang Cultural Industry Investment Group Co., Ltd.
ZHEWEN PICTURES GROUP CO.,LTD 
