BAO WEI TECHNOLOGY CO., LIMITED announced that it expects to receive CNY 45.8948 million in funding from Neway Valve Co., Ltd.
November 16, 2020
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BAO WEI TECHNOLOGY CO., LIMITED announced that it will receive $7,000,000 (CNY 45,894,800) in an equity round of funding from returning investor Neway Valve (Suzhou) Co., Ltd. (SHSE:603699) on November 17, 2020. On-closing, the investor retains its 100% stake in the company. Post closing, the registered capital of the company will be changed to USD 19.6 million. The transaction was approved by the board of directors of Neway Valve (Suzhou) Co., Ltd. (SHSE:603699) in its sixteenth meeting of the company's fourth directorate and It does not need to be submitted to general meeting of shareholders for deliberation and must be approved or filed by relevant government authorities.
Neway Valve (Suzhou) Co., Ltd. is a China-based company, principally engaged in the design, manufacture and distribution of industrial valves. The Company's main products include sluice valves, ball valves, isolating valves, check valves, butterfly valves, control valves, safety valves, nuclear power valves, as well as wellhead equipment and others. Its products are applied in petroleum, natural gas, refining, chemical, ships, electric power, long-distance transport pipes and other industries. The Company distributes its products in both domestic and overseas markets.
NEWAY VALVE (SUZHOU) CO., LTD. 
