China PE funds invest in Hunan Boyun New Materials
Shenzhen-listed Hunan Boyun New Materials has raised RMB629 million ($100 million) from investors including domestic PE funds Xiangtou High-Tech Venture and Hunan Da Boyun Investment.
The company said in a regulatory filing that it would offer 75 million new shares in a private placement at RMB8.38 apiece. The net proceeds will primarily be used to purchase industry peer - Changsha Wing High High-Tech New Materials - as well as for working capital.
Hunan Da Boyun Investment will acquire 52.9 million shares for RMB444 million. Xiangtou High-Tech, which owns 5% of Changsha Wing High, will exchange its shares for 2.08 million shares in Hunan Boyun worth of RMB17.4 million, becoming the second largest shareholder in the firm.
The remaining shares were bought by individual investors in Changshe Wing High through a stock swap option.
AVCJ Research's records show Hunan Boyun raised over $28 million across five funding rounds from domestic VC investors, including Guangdong Wen's Investment, Shenzhen Cowin Captial, Guangdong Venture Capital and Hunan High-Tech Venture Capital.
Established in 2001, Hunan Boyun manufactures powder metallurgy friction materials, carbon composite materials and other related equipment used by the aerospace and automobile industries. It went public in 2009.
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