Yorkville Advisors invests $35 million in Zhongda International
Yorkville Advisors will make an investment of HKD275 million ($35 million) in Zhongda International Holdings Ltd., a leading manufacturer and distributor of automotive equipment and commercial vehicles in China, through an equity line facility.
The transaction will be made through YA Global Master SPV Ltd, a fund managed by Yorkville Advisors. The new capital will be used for the group's general corporate and working capital purposes, including its expansion into the electric vehicles segments, especially for city buses, double-deckers and long-haul coaches, according to a statement.
Anthony Chan, MD and Head of Asia at Yorkville HK, said, "We are extremely pleased to announce that our first investment in a Hong Kong-listed company is with a leader in the high growth commercial vehicle and automotive equipment sector. Zhongda is continuing to develop and explore its business internationally, as well as domestically in the western and north-western provinces of China." The deal will be the first PIPE investment in Hong Kong for the firm.
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