Zhejiang Windey to increase stake to 46.5%

Zhejiang Windey (SZSE:300772) announced that its controlling shareholder, Zhejiang Provincial Mechanical & Electrical Holding Group Co., Ltd., will increase its stake in the company to 46.5%. This will occur through a private placement of shares, with the Holding Group subscribing to 85,158,150 shares at a price of 8.22 yuan per share, for a total investment of 700 million yuan. The transaction will not change the ultimate control of the company, which remains with the Zhejiang Provincial Government. The funds raised will be used to support Zhejiang Windey's continued growth and development. The share issue has already been approved by the Shenzhen Stock Exchange and the China Securities Regulatory Commission (CSRC). Post-issuance, Zhejiang Provincial Mechanical & Electrical Holding Group Co., Ltd. will own 365,958,150 shares.