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Ionix Technology Inc. subsidiary completes USD 5.92 million capital increase
Changchun Fangguan Electronics Technology Co. Ltd., a subsidiary of Ionix Technology Inc. (IINX), a business aggregator in photoelectric display and smart energy fields, has completed a capital increase of USD 5.92 million to invest in its OLED flexible screen business.
In December of 2018, IINX acquired 95.14% control of Changchun Fangguan and became an aggregator in the photoelectric display and smart energy fields in China, as a foundation for its prospective future development and technology innovation. A press release indicated that the capital increase of Changchun Fangguan is a personal investment from IINX boad members Jialin Liang and Xuemei Jiang, who are also principal controllers of Changchun Fangguan. Among them, Jialin Liang increased capital of about USD 4.8 million (USD 4.47 million from debt to equity and USD 0.33 million of paid-in registered capital); and Xuemei Jiang increased capital of USD 1.12 million (paid-in registered capital). After the capital increase, the registered capital of Changchun Fangguan will increase from USD 1.53 million to USD 7.45 million, allowing IINX to advance the investment in its OLED flexible screen business. Changchun Fangguan has already begun start-up work and related business of OLED flexible screens. IINX CEO Mr. Yubao Liu said, "This capital increase not only improved the equity interest of shareholders and investors, it also doubled the net assets of Changchun Fangguan, dramatically increased the shareholders' equity, and enhanced the confidence and determination of the team. In addition, we hope that it will draw the attention of investors to IINX, and interest them to invest in IINX to promote our rapid and sustainable development in the fields of photoelectric displays and smart energy." IINX also announced that it moved its headquarters from Shenzhen City to Dalian City, Liaoning Province, China at the end of March.
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