Aerospace Times Electronics boosts rocket tech subsidiary with capital injection

Aerospace Times Electronics Technology Co., Ltd. (stock code: 600879) announced its board of directors approved a significant cash infusion into its controlled subsidiary, Aerospace Long March Rocket Technology Co., Ltd. The company plans to increase capital by 72,750万元, with 12,750万元 sourced from its 2017 refinancing project “Integrated Space-Earth Measurement and Control Communication System and Product Application Project.” This move is intended to enhance the subsidiary's comprehensive capabilities, address critical technology research and development funding needs, and improve inter-company financial relations.

Following the capital increase, Aerospace Long March Rocket Technology Co., Ltd.'s registered capital will rise from 67,508.32万元 to 149,774.63万元. This transaction, a related-party transaction, involves the company's other shareholders, China Aerospace Times Electronics Co., Ltd. and Beijing Remote Sensing Technology Research Institute, also contributing cash proportionally. The capital increase aims to strengthen the company’s electronic information business, facilitate key technological breakthroughs, and integrate into the commercial aerospace landscape.

Due to the nature of the transaction, which constitutes a related-party transaction and exceeds 5% of the company's net assets from the previous year, it requires approval from the company's shareholders' meeting after obtaining necessary state-owned asset management approvals. Six directors abstained from voting on this proposal during the board meeting.