The Work Group began to work and get well prepared for the hearing by the Issuance Examination Committee under CSRC under the direction of the Private Placement Project Leadership Group of our company immediately after the Spring Festival. According to the work arrangement of the CSRC, the Issuance Examination Committee audited our application for private placement on March 3, 2017. The Placement Project Work Group led by Chairman Yan Xiaojian arrived in Beijing one day ahead of schedule, where they made the final touch for the non-public issuance project. For the key issues that may be involved at the issuance examination meeting, Chairman Yan, Board Secretory and CFO Hu Xiaoping and the two sponsor representatives who were proposed to attend the hearing clarified the logics through repeated rehearsal.
On the morning of March 3, the Issuance Examination Committee under China Securities Regulatory Commission (hereinafter referred to as “CSRC”) audited our application for non-public offering of shares. The application for the non-public offering of shares finally passed the examination thanks to the Company's excellent reputation in capital market and the good vision for accelerated development after issuance. The Company will launch the roadshow issuance upon receipt of the official approval from CSRC.
This non-public offering plan raised no more than RMB 700 million, which would be used to enhance the investment to hold Chaint Robotics, as well as the investment in intelligent equipment quality enhancement & expansion project and EPC expansion project. This helps the Company to extend towards the field of intelligent equipment, improve the Company’s capability of modern high-tech and high-standard project construction, guarantee the sustainable steady growth of EPC business, and facilitate the transformation of the Company towards funding source diversification, equipment modernization, management internationalization, and technology modernization.