Nanjing Estun Automation Company Limited plans to raise approximately 1 billion yuan ($143 million) through a private placement of shares. In a separate development, Wholly Moly’s parent company Yum Delight has garnered nearly $10 million in a Series A round from C Ventures.
Estun Automation raises $143m
SZ-listed industrial robot developer Nanjing Estun Automation Company Limited announced that it has agreed to issue shares to garner 1 billion yuan ($143 million) in a private placement to three marquee investors in a bid to accelerate business development.
The three strategic investors are China General Technology, Hubei Xiaomi Changjiang Industrial Fund and China Manufacturing Transformation and Upgrading Fund, a 147.2 billion yuan ($29 billion) fund co-launched by Ministry of Finance, China Tobacco, and CRRC in late 2019, according to a filing on Friday.
Estun will offer as many as 86 million common shares at a price of 11.62 yuan ($1.7) each. China General Technology and China ManufacturingTransformation and Upgrading Fund will pay 400 million yuan ($57 million) in cash, respectively. Hubei Xiaomi Changjiang Industrial Fund will invest will pay 200 million yuan.
With the proceeds, Estun will be able to expand its industrial robot projects.
Set up in 1993, Estun went public in 2015. The company designs and manufactures industrial controlling components for high-end intelligent equipment. Besides, it develops autonomous technology-driven industrial robots.
C Ventures invests in Yum Delight
Yum Delight, the parent company of California-based health food brand Wholly Moly, has garnered approximately $10 million in a Series A round from Hong Kong-headquartered C Ventures, per an announcement.
The corpus raised will help expand the operation of Wholly Moly in areas of supply chain, product innovation, brand management.
Since its inception in 2017 in Silicon Valley, Yum produces plant fiber oriented healthy food and other oat bran products. It integrates online channels such as Tmall and JD.COM with brick-and-mortar networks to boost business.
Prior to this, Yum saw participation of DT Capital, and QM Capital, among others, in its angel and pre-Series A round.