Yihao New Materials Plans to Raise Up to 1.8B Yuan to Acquire at Least 78% of Mingfeng Electronics
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Yihao New Materials (301176.SZ) announced on September 21 that it plans to issue A-shares to specific investors to raise up to 1.8 billion yuan (approximately $250 million). The net proceeds, after deducting issuance costs, will be used entirely to increase capital and acquire no less than 78% of the equity in Mingfeng Electronics. Mingfeng Electronics is primarily engaged in the research, development, production, and sale of high-performance copper foil, with a designed annual production capacity of 70,000 tons. The capital increase and acquisition are expected to constitute a major asset restructuring. The transaction is conditional upon the share issuance being approved by the Shenzhen Stock Exchange and registered with the China Securities Regulatory Commission.
Source report
Shanghai, September 21 — Yihao New Materials Co., Ltd. (301176.SZ) announced that it plans to issue A-shares to specific investors, raising a total of no more than RMB 1.8 billion. After deducting issuance expenses, the proceeds will be used entirely to acquire no less than 78% of the equity in Mingfeng Electronics through capital increase.
The target company, Mingfeng Electronics, is primarily engaged in the research, development, production, and sale of high-performance copper foil, with a designed annual production capacity of 70,000 tons.
The capital increase and acquisition are expected to constitute a major asset restructuring. The transaction is contingent upon the approval of the issuance by the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission.
Source
财联社Eastern
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Yihao New Materials Plans Up to 1.8B Yuan Share Sale to Acquire 78% Stake in Mingfeng Electronics