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Ronbay Technology subsidiary Xiantao Ronbay to receive 300 mln yuan strategic investment from BOCOM Financial
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On September 24, Rongbai Technology announced that its subsidiary, Xiantao Rongbai Lithium Battery Materials Co., Ltd., plans to introduce Bank of Communications Financial Asset Investment Co., Ltd. as a strategic investor through a capital increase and share expansion. The investor will inject 300 million yuan in cash, acquiring a 15.9811% stake in Xiantao Rongbai post-increase. The funds will be used for the third batch of bank loans. Rongbai Technology currently holds 100% of Xiantao Rongbai via its wholly-owned subsidiary Xiantao Rongbai New Energy Technology Co., Ltd. and the controlled Xiantao Rongchuang No.1 New Energy Partnership. Both existing shareholders waived their preemptive rights. After the transaction, Rongbai Technology's indirect stake will drop from 100% to 84.0189%, but Xiantao Rongbai will remain consolidated in its financial statements.
Source report
Beijing, September 24 — Ronbay Technology (hereinafter referred to as "the Company") has announced that its subsidiary, Xiantao Ronbay Lithium Battery Materials Co., Ltd. ("Xiantao Ronbay"), plans to introduce a strategic investor through a capital increase and share expansion.
According to the disclosure, the investor, BOCOM Financial Asset Investment Co., Ltd. ("BOCOM Investment"), will contribute RMB 30 million in cash. Upon completion, BOCOM Investment is expected to hold 15.9811% of the equity in Xiantao Ronbay. The funds raised will be used to repay the third tranche of bank loans.
The Company currently holds 100% of Xiantao Ronbay through its wholly-owned subsidiary Xiantao Ronbay New Energy Technology Co., Ltd. and the Company-controlled Xiantao Ronbachuang No. 1 New Energy Partnership (Limited Partnership). As existing shareholders, both entities have waived their preemptive rights in this capital increase.
Following the transaction, the equity structure of Xiantao Ronbay will be as follows:
- Xiantao Ronbay New Energy Technology Co., Ltd.: 0.0959%
- Xiantao Ronbachuang No. 1 New Energy Partnership: 83.9230%
- BOCOM Financial Asset Investment Co., Ltd.: 15.9811%
The Company's total indirect shareholding in Xiantao Ronbay is expected to decrease from 100% to 84.0189%. Xiantao Ronbay will continue to be included in the Company's consolidated financial statements.
Source: Ronbay Technology
Source
储能头条Eastern
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Rongbai Technology subsidiary to raise 300 million yuan via strategic investor capital increase