Kingfa Science & Technology (SHA:600143), through subsidiary Shanghai Jinfa Technology Development, agreed to waive its priority subscription rights to Zhuhai Wantong Special Engineering Plastics as the latter seeks new investors, according to a Shanghai Stock Exchange filing on Monday.
Jinshi Manufacturing Transformation and Upgrading New Materials Fund (Limited Partnership) will subscribe to Wantong Special Engineering Plastics as a new shareholder.
Jinshi Manufacturing will subscribe Wantong's new shares worth 191.6 million yuan for 26.09 yuan per 1 yuan of registered capital, with a subscription price of 500 million yuan.
The Chinese plastic products and new chemicals manufacturer's control over Wantong will not change after waiving its priority subscription rights, the filing said.
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