Nanjing Chemical Fiber Announces Private Placement Of CNY 500 Million
On November 15, 2024, Nanjing Chemical Fiber Co. Ltd announced a private placement to issue A shares, aiming to raise CNY 500 million. The placement will involve up to 35 specific investors, including a CNY 100 million contribution from returning investor Nanjing New Industrial Investment Group Co. Ltd.
The proposal was approved during the 14th meeting of the company’s 11th Board of Directors. Further steps include board and shareholder approvals, review by the Shanghai Stock Exchange, registration clearance from the China Securities Regulatory Commission and approval from the competent state-owned assets supervision and administration agency.
Shares issued in the private placement will have transfer restrictions: those subscribed by Nanjing New Industrial Investment Group Co., Ltd will be locked for 18 months, while shares subscribed by other investors will have a 6-month lock-in period.
