The first extraordinary shareholders meeting of Tiantong Co., Ltd. was held on April 10, 2013. The meeting reviewed and approved the â€œProposal on the Company's Non-public Issuance of Stocks to Specific Targetsâ€. The company plans to provide the company with a price of 5.15 yuan/share. Shareholder Tiantong High-tech Group Co., Ltd. and the company's shareholder, Ms. Du Haili, issued no more than 60 million shares (including 60 million shares) of the company's shares. The total amount of funds raised is expected to be no more than 309 million yuan, and it is planned to invest 1.15 million pieces of 4-inch LED sapphire substrate material technology transformation project and supplement liquidity.
According to the industry, the company is currently engaged in the manufacture of photovoltaic industry equipment. With the industry's full-line crisis since 2012, the company's business line has suffered a total loss. Since 2010, the company has deliberately developed the LED industry, but it has been in the planning and technical reserve stage. Successful implementation of the program will enable the company to produce an annual production capacity of 1.15 million pieces of 4-inch sapphire substrate material.
At present, there are not many enterprises that have mastered the production technology of large-size sapphire substrate materials in China. The development prospects of the company in the LED industry are worth looking forward to. However, the LED industry is also facing greater challenges.
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