Tongyu Communication Inc. (002792.SZ) announced that its subsidiary, Hubei Zhonghong Tongyu Space Technology Co., Ltd. ("Zhonghong Tongyu"), plans to introduce an investor, Wuhan Wuchuangyuan Investment Co., Ltd. ("Wuchuangyuan Investment"), through a capital increase to strengthen its financial position.
Wuchuangyuan Investment will inject RMB 10 million in cash, with the full amount added to Zhonghong Tongyu's registered capital. As an existing shareholder, Tongyu Communication Inc. has waived its preemptive right to subscribe to the new shares.
Post-capital increase, Zhonghong Tongyu's registered capital will rise from RMB 200 million to RMB 210 million, reducing Tongyu Communication Inc.'s stake from 90% to 85.7143%. Zhonghong Tongyu remains a consolidated subsidiary of Tongyu Communication Inc.
