Wuling Motors (0.65, 0.00, 0.00%) (00305) issued an announcement that the Subscription Agreement was completed on May 23, 2017, in which the Convertible Note A has been issued to Wuling Hong Kong, the controlling shareholder of the company. Immediately after the issuance of the Convertible Note A, in addition to the Convertible Note A holding a total principal amount of HK$400 million, Wuling Hong Kong also has an interest in 1.029 billion shares, representing approximately 56.04% of the total issued shares of the company.
In addition, all the conditions precedent for the first phase of the Capital Increase Agreement have been fulfilled. Accordingly, the company will arrange a capital increase of 340 million yuan in cash to Wuling Industrial according to the capital increase agreement, of which 161 million yuan will be allocated to the registered capital of Wuling Industrial, and 179 million yuan will be transferred to the capital reserve of Wuling Industrial. .
After the completion of the first phase, the registered capital of Wuling Industrial will increase from 1.043 billion yuan to 1.204 billion yuan, and the company's shareholding in Wuling Industrial will increase by approximately 6.04% to approximately 60.90% on an expanded basis, and the remaining 39.10% will be Guangxi Automobile owns.
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