Beijing Dynamic Power Co., Ltd. announced that it expects to receive CNY 227.42 million in funding.
January 28, 2013 at 11:00 pm EST
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Beijing Dynamic Power Co., Ltd. (SHSE:600405) announced a private placement of not more than 50,000,000 A shares at not less than CNY 4.88 per share for gross proceeds of not more than CNY 227,417,000 on January 29, 2013. Not more than 10 specific investors will participate in the transaction. Each investor will invest up to 20,000,000 shares. The investors will not transfer their shares within 12 months from the issuance date. The company expects the net proceeds of CNY 217,417,000 after deducting the issuance expenses of CNY 10,000,000. The transaction was approved at 28th session of the 4th directorate meeting of the company. The transaction is still subject to the approval from the company's shareholders and China Securities Regulatory Commission.
On February 25, 2013, the company announced that the transaction has been approved at its 1st shareholders' meeting for 2013.
On June 14, 2013, the company announced that the transaction was approved in 4th session of the 5th directorate meeting.
On July 10, 2013, the company announced that the Issuance Review Committee of China Securities Regulatory Commission approved the transaction.
On August 2, 2013, the company announced that China Securities Regulatory Commission has approved the transaction. The company has also received reply on the approval. Huaxi Securities Co., Ltd. will act as placement agent to the company.
Beijing Dynamic Power Co., LTD is a China-based company, principally engaged in the manufacture and distribution of power supply products. The Company is also engaged in the high voltage transducers and comprehensive energy saving business, and new energy automobiles business. The Company mainly provides direct current (DC) power supply products and alternative current (AC) power supply products, including uninterrupted power supply products, communication power supply products and emergency power supply products. The Company also provides high voltage transducers, off-board charging products and vehicle powertrain assembly core components. The Company conducts its businesses within domestic market and to overseas markets.