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China Soft Capital increased investment in Finework (Hunan) New Energy Technology Co.,Ltd. to speed up smart manufacturing upgrade

Browse:184Times | latest update:2020-02-26

Recently, Finework (Hunan) New Energy Technology Co., Ltd., (NEEQ: 839826) the domestic leading producer of high-end high strength special fasteners issued extra 5.529 million shares on the National Equities Exchange and Quotations and raised funds of 110 million RMB. Two funds of China Soft Capital participated in the deal.

Back to November 2018, China Soft Capital led the A round investment in Finework, helped the company with multi-channel investment and contact with resources in rail transit and automation. After one year of development, Finework expanded actively by penetrating on the high strength special fasteners market and accelerating layout in industries such as petroleum, military industry and rail transit, and maintained a rapid growth that its output value doubled in 2019 compared with the previous year. With the development of the production automation, Finework was listed pilot project in "Mass entrepreneurship and innovation" platform and won the title of “specialized, fined, peculiar and new giant company” named by the Ministry of Industry and Information Technology.

Finework is the key cultivated pre-listed enterprise of Changde, Hunan Province. The market coverage of embedded bushing, its major product is higher than 70%. Its clients are the world’s leading wind power equipment manufacturers such as LM, Vestas, Vision Energy and Sinoma Technology. This time, the Hunan Key Industry Intellectual Property Operation Fund and Beijing China Soft Intelligence Fund, owned by China Soft Capital, added 20 million RMB investment, majorly concentrated on fixed assets investment on high strength special fasteners, to accelerate the intelligent upgrade of enterprise and its development in the capital market.