AgroPages-Rainbow increases board’s fundraising, continues to promote “Rapid Market Access Platform” globally-Agricultural news

Rainbow increases board’s fundraising, continues to promote “Rapid Market Access Platform” globally

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Rainbow (Stock Code: 837380) announced on December 9, through the NEEQ (National Equities Exchange and Quotations) in the People’s Republic of China, that in order to optimize the company's capital structure, stimulate business growth, improve the company's competitiveness, as well as enhance their strategic position value, Rainbow will issue a on non-public offering to raise capital.

Rainbow’s non-public offering will be handled by JD Capital at a price of RMB14.74 yuan per common share in cash. The number of shares to be issued shall not exceed 2,713 million shares and not fewer than 2,036 million shares. The total amount of the proceeds raised shall not exceed RMB 399,896,200 and not less than RMB 300,106,400, before issuance expenses.

Rainbow became listed on the NEEQ on July 13 this year, followed by the submission of the pre-listing tutoring material to the China Securities Regulatory Commission of Shandong Regulatory Authority on November 14, 2016. It was then published on the official website of Shandong Regulatory Authority on November 16, 2016. Currently, Rainbow is receiving listing counseling from Northeast Securities Co., Ltd.

Rainbow’s main business activities include research and development of technical grades, as well as the formulated product, manufacturing and marketing, in which it is mainly targeting international markets. Rainbow produces herbicides, fungicides, insecticides and other crop protection products. With more than 10 years of developing international markets in building a strategy of “Rapid Market Access Platform”, Rainbow continues to increase its global market platform. Revenues from 2013 to 2015, were 2,757 million yuan, 3,077 million yuan, and 2,907 million yuan, respectively. While from January 2016 to June 2016, unaudited revenues reached 1,925 million yuan, which was an 18.77% increase over the same period in 2015.