Suntek Technology Co., Ltd. announced a financing transaction.
January 12, 2013 at 11:00 pm EST
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Suntek Technology Co., Ltd. (SHSE:600728) announced a private placement of shares on January 13, 2013.
On March 15, 2013, the company announced that it will issue not more than 45,341,700 shares at CNY 8 per share for gross proceeds of not more than CNY 362,733,900. The transaction size will not exceed 25% of the total transaction size of acquisition of 100% stake in ST Electronics-PCI Co., Ltd. and 100% stake in PCI Service Support Technology Co., Ltd. Not more than 10 specific investors will invest in the transaction. The lockup period for the shares subscribed by 10 specific investors must not be transferred within 12 months after the issuance. Northeast Securities Co., Ltd. will act as an independent financial advisor to the company. Jun He Law Offices will serve as the legal advisor and Baker Tilly China Certified Public Accountants will act as an accountant to the company. The transaction was approved at the company's 2nd shareholders' meeting for 2013.
On March 19, 2013, the company announced that it has received approval for the transaction at 2nd special shareholders' meeting of 6th directorate of 2013.
On April 15, 2013, the company announced that the transaction was approved at the 3rd session for its 6th directorate meeting for 2013.
On May 2, 2013, the company announced that the transaction was approved at the 2nd shareholders' meeting for 2013 and is still subject to the approval from China Securities Regulatory Commission.
On September 30, 2013, the company amended the terms of the transaction. The company will now issue up to 44,820,462 shares for not more than CNY 358,563,700.
On October 22, 2013, the company announced that the transaction has received approval from China Securities Regulatory Commission and was reviewed by the 29th working conference for 2013 of the review sub-committee for mergers, acquisitions and restructurings of listed companies of China Securities Regulatory Commission.
On December 12, 2013, the company announced that the subscription agreement has been signed with Guohua Life Insurance Co., Ltd., Minsheng Royal Fund Management Co., Ltd., Guangzhou Securities Co., Ltd., and Nanjing RuiSen Investment Management Partnership Enterprise (Limited Partnership). The investors signed the transaction agreement on December 12 and 13, 2013.
PCI Technology Group Co Ltd, formerly Pci-Suntek Technology Co Ltd, is a China-based company principally engaged in the research, development and application of intelligent technology, products and industry solutions. The Company's principal businesses include the smart rail transportation, the smart city based on public safety, as well as the service and product integration business. The intelligent rail transportation business mainly includes the research, development, design, integration and maintenance of intelligent rail transit systems. The Company mainly operates its business in domestic market.
PCI TECHNOLOGY GROUP CO.,LTD. 
