July 1 – Garment producer Youngor Group (600177) spent 112 million yuan to purchase 3.74 million shares or a 1.81-percent stake in Guangdong Orient Zirconic Industry Science & Technology (002167) at 30.06 yuan per share, reports 163.com, citing a company filing.

Orient Zirconic plans to raise 794 million yuan by issuing 27.27 million shares in a private placement. Funds will be invested in production of zirconium sponge, with annual production capacity of 1,000 tons and zirconium oxychloride, with annual production capacity of 20,000 tons.

In addition to Youngor, two natural persons and four organizations also subscribed the remaining amount, of which natural person Chen Chaodian subscribed 2.73 million shares and China AMC subscribed six million shares.

Youngor was founded in Ningbo in 1979 and produces menswear and cloth.

Shares of Youngor Group (600177) traded at 10.09 yuan as of 11:21 this morning.

Source:CapitalVue