Henan Hengxing Science & Technology Co., Ltd. decided to raise funds through private placement of stock for the investment of hyperfine diamond wire project with annual output of 90,000km.

The fundraising activity was approved by CSRC (China Securities Regulatory Commission) on May 17. Upon enquiry, the final issue price was 4.95 Yuan/share and the number of issuance was 195,688,484 shares. Up to September 20, Hengxing Science & Technology had collected total funds of over 968 Million Yuan and the net amount of over 952 Million Yuan after deduction of relevant issue costs.

Hengxing Science & Technology has been engaged in the production of steel cord, rubber hose wire, zinc-coated wire, stranded galvanized steel wire and other metal products for years. The hyperfine diamond wire project concerning this fundraising is still an emerging industry in China. Through independent research and development, Hengxing Science & Technology has completed the R & D, setting process, production test of hyperfine diamond wire and its samples have already passed the detection and approval of clients, which indicates that Hengxing Science & Technology has obtained the technical strength for industrialization.