XJJW: Bank of Communications Investment plans to increase capital by a total of 500 million yuan for Zhonghang Company and Zhongrong Company
XJJW announced that Bank of Communications Investment plans to increase its capital by 300 million yuan for its wholly-owned subsidiary Zhonghang Company and by 200 million yuan for Zhongrong Company, totaling a capital increase of 500 million yuan. The funds from the capital increase will mainly be used to repay debts. After this capital increase, Zhonghang Company and Zhongrong Company will still be holding subsidiaries, and it will not affect the scope of the consolidated financial statements. The capital increase will broaden financing channels, increase capital, reduce the debt-to-asset ratio, and support the development of aluminum electronic new materials business
According to the Zhitong Finance APP, Xinjiang Zhonghe (600888.SH) announced that China Everbright Financial Asset Investment Co., Ltd. (hereinafter referred to as "Everbright Investment") will increase its capital by RMB 300 million to the company's wholly-owned subsidiary Urumqi Zhonghang New Materials Technology Co., Ltd. (hereinafter referred to as "Zhonghang Company") and by RMB 200 million to the company's wholly-owned subsidiary Urumqi Zhongrong Electronic Materials Technology Co., Ltd. (hereinafter referred to as "Zhongrong Company"). The capital increase funds will mainly be used for Zhonghang Company and Zhongrong Company to repay debts, etc. The company waives its priority rights to increase capital in Zhonghang Company and Zhongrong Company.
After this capital increase by Everbright Investment in Zhonghang Company and Zhongrong Company, both Zhonghang Company and Zhongrong Company will still be the company's controlling subsidiaries, which will not affect the scope of the company's consolidated financial statements. Everbright Investment's capital increase in Zhonghang Company and Zhongrong Company can broaden financing channels, increase the capital of Zhonghang Company and Zhongrong Company, and reduce the asset-liability ratio of Zhonghang Company and Zhongrong Company; it is beneficial for the company's aluminum electronic new materials business development and further supports the company in strengthening and optimizing its aluminum electronic new materials industry
