Shanghai Petrochemical Raises Capital by RMB 600 Million
Shanghai Petrochemical Co., Ltd. announced that Inner Mongolia Xinsanjin Carbon Fiber Co., Ltd. has successfully completed a public equity financing round. This round attracted several strategic investors, including Sinopec Corporation, Uxin Banner State-owned Investment Group Co., Ltd., Dongfang Wind Power Co., Ltd., and China Construction Bank Investment Co., Ltd., collectively injecting RMB 600 million in newly registered capital. Among them, Sinopec Corporation subscribed to RMB 300 million of the newly issued registered capital and, upon completion of the, will hold a 25% equity stake in the carbon fiber company. The remaining RMB 300 million of newly issued registered capital was subscribed to by other strategic investors, including Uxin Banner State-owned Investment Group Co., Ltd., Dongfang Wind Power Co., Ltd., and China Construction Bank Investment Co., Ltd. Following this capital increase, the carbon fiber company’s registered capital increased from RMB 600 million to RMB 1.2 billion, and Shanghai Petrochemical Co., Ltd.’s equity stake in the carbon fiber company was diluted from 100% to 50%.
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