SHE:002528

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Shenzhen Infinova Signs 2.84-Billion-Yuan Restructuring Investment Agreement

Shenzhen Infinova (SHE:002528) signed a restructuring investment agreement with a consortium led by Hunan Guoke, according to a Friday filing with the Shenzhen bourse.The investors will subscribe for 1.09 billion converted shares at 2.61 yuan per share, raising about 2.84 billion yuan. Hunan Guoke will contribute 1.38 billion yuan for 527.4 million shares, becoming the largest shareholder and obtaining control.Funds will repay debts, bankruptcy expenses, and supplement working capital.Shares of the electronic security products developer fell 10% Friday.

SHE:002528

Asia15d ago

Shenzhen Infinova to Undergo Court-Mandated Pre-Restructuring Procedures

Shenzhen Infinova (SHE:002528) and subsidiary Shenzhen Infinova Renyong Information will undergo court-mandated pre-restructuring procedures due to bad debts, according to a Thursday filing with the Shenzhen Stock Exchange.The company said it is recruiting investors to participate in the restructuring.

SHE:002528

Asia119d ago

Shenzhen Infinova Unit Faces Construction Lawsuit Tied to Smart City Project

Shenzhen Infinova (SHE:002528) unit Infit System is facing a contract termination lawsuit involving the Huaining smart city project seeking 109.9 million yuan in damages, according to a Friday filing with the Shenzhen bourse.Huaining County State-owned Assets Management is alleging severe breaches including project delays, quality defects, illegal subcontracting, failure to fulfill investment obligations and unpaid migrant worker wages.

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