Jiangsu Lugang Technology Co., Ltd. announced that it expects to receive CNY 200 million in funding from Zhewen Pictures Group co.,ltd
March 25, 2021
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Jiangsu Lugang Technology Co., Ltd. announced a private placement of equity shares for the gross proceeds of CNY 200 million on March 26, 2021. The transaction will involve participation from existing investor Jiangsu Lugang Culture Co., Ltd. (SHSE:601599).The transaction was approved by investor’s board of directors at its 8th meeting of the company’s 6th directorate. The transaction does not need approval from the shareholder’s meeting of the company. The company registered capital will increase from CNY 250,000,000 to CNY 450,000,000 after the transaction.
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.
ZHEWEN PICTURES GROUP CO.,LTD 
