Financial Wire

Baobian Electric Subsidiary Receives Capital Injection from China XD in Exchange for 30% Stake

-- Baoding Tianwei Baobian Electric (SHA:600550) subsidiary Baoding Tianwei Wire Rod Manufacturing plans to boost its capital and introduce two investors, according to a Saturday filing with the Shanghai bourse.

China XD Electric (SHA:601179) and China Electric Equipment Group Investment will each invest 155.1 million yuan in exchange for a 30% stake each, the filing said.

The company waived its right to subscribe to the capital increase, it said.

Following the capital injection, Baobian's stake will reduce to 40% from 100%.

Shares closed 3% lower on Monday.

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Baobian Electric Subsidiary Receives Capital Injection from China XD in Exchange for 30% Stake | Financial Wire