September 6 -- Gem-year Industrial (601002) filed it will raise 1.5 billion yuan from a private placement of 100-200 million shares at 11.91 yuan per share to fund the construction logistics systems for four subsidiaries, the full acquisition of Wise Automation Engineering (Zhejiang), and to replenish working capital, reports yicai.com.

Parent company Chin Champ Enterprise and its wholly-owned subsidiary, Chin Champ Investment, committed to subscribing 30 percent of the jointly offered shares.

Gem-year also filed it had won a 4.4 million-yuan contract to provide railway fasteners to Beijing-Qinhuangdao Railway Passenger Co., Ltd.

The Jiashan-based firm's share trading was suspended yesterday to discuss the private placement plan. Trading resumed today, and shares of Gem-year Industrial (601002) ended the morning session at 12:00.

The firm was founded in 2003 and is engaged in fastening product development, production and sales. The company provides nuts, bolts, screws and thread rods. Its products are used in traffic transportation, electricity power, engineering machinery, automobiles, construction, and home appliances.

Source:capitalvue