China’s Hunan Boyun New Materials raises $100m via share placement

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china beijing_sqChinese private equity firms Xiangtou High-Tech Venture and Hunan Da Boyun Investment have bought shares in power metallurgy materials maker Hunan Boyun New Materials via a private placement.

Hunan Boyun has offered 75m new shares worth a total RMB629m ($100m) in a private placement, according to the Asian Venture Capital Journal.

Hunan Da Boyun has agreed to buy 52.9m shares worth RMB444m ($71.7m), while Xiangtou High-Tech will acquire 2.08m for its shares in Changshe Wind High to become its largest stakeholder.

Hunan Boyun has raised $28m via five funding rounds backed y Chinese venture capital investors, said the report.

Recent private equity deals in the region include L Capital Asia’s majority investment in food and beverage group Crystal Jade Culinary Concepts Holdings.

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