Meibang Shares announced that its board of directors has approved a plan to increase capital in its wholly owned subsidiary Nuozheng Bio by 80 million yuan using its own funds. After the capital increase, Nuozheng Bio's registered capital will rise from 100 million yuan to 180 million yuan, with the company's shareholding ratio remaining at 100 percent. Nuozheng Bio is mainly engaged in chemical pesticide production and biopesticide technology research and development. At the same time, the company plans to use 1 million US dollars of its own funds to establish a wholly owned subsidiary in Hong Kong, with registered capital of 500,000 Hong Kong dollars. Its business scope will cover outbound investment holding, international trade, supply chain management, and operations related to crop protection products.
Shaanxi Meibang Pharmaceutical Group Co LtdBoard approved an 80 million yuan capital increase into wholly owned subsidiary Nuozheng Bio plus a $1M Hong Kong subsidiary, a financing/investment event.
