Ningbo Rixing Foundry Co., Ltd. announced that it expects to receive CNY 606.93 million in funding from Riyue Heavy Industry Co., Ltd.
January 18, 2017
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Ningbo Rixing Foundry Co., Ltd. announced that it will receive CNY 606,930,000 in a round of equity funding from existing investor Riyue Heavy Industry Co., Ltd. (SHSE:603218) on January 19, 2017. Post the closing, the investor will continue to hold its stake of 100% in the company. Pursuant to the transaction, CNY 100,000,000 will go to registered capital and the remaining amount to capital reserve. Post the closing, the registered capital of the company will increase from CNY 250,000,000 to CNY 350,000,000. The transaction has been approved at the 15th meeting of the 3rd directorate and 11th meeting of the 3rd supervisory board of the investor, and is subject to its shareholders’ approval.
Riyue Heavy Industry Co., Ltd. is a China-based company mainly engaged in the research and development, production and sales of large-scale heavy equipment castings. The Company's products include wind castings, plastic machinery castings, diesel castings, machining center castings and other castings. The Company's products are used in heavy equipment in the fields of assembly energy, general machinery and marine engineering. The Company conducts its businesses in domestic and overseas markets.
RIYUE HEAVY INDUSTRY CO.,LTD 
