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Ninestar Corp (SHE:002180) raised approximately 1.41 billion yuan from a private issuance of stocks and used part of the amount for several projects in the US, the Chinese printing and imaging services provider said Wednesday.
About 658.2 million yuan ($94,468,523.59) was used for a renewable consumables production base project, while 257.9 million yuan (37,015,241.92) was injected into a research and development center in the country.
Seven shareholders privately issued shares amounting to 51.6 million yuan ($7,405,918.90 ), with an issue price of 27.74 yuan per share.
Tonernews.com opinion: If you add up all these totals of Ninestar’ planned expenses they come out to $138,889,684.40. It looks like the rest of the money, $63,481,355.00 is probably going to be split by the executive team or it will just stay unaccounted for.
As Usual China’s favorite news site in the US has discredited this article. Action-intell claims that this is an old article, and that the article is misleading. Tonernews.com has reached out to Marketscreener.com/ where we got the article from and are waiting for their reply. This particular article is dated December 07, 2022. Hopefully Marketscreener.com/ will reply promptly so we can get to the bottom of this. In recent months China’s Ninestar has been expanding its presence around the globe and is trying to change its perception from being a well-known counterfeiter to a now honest toner remanufacturer, this remains to be seen.
https://www.marketscreener.com/quote/stock/NINESTAR-CORPORATION-6499995/news/Ninestar-Raises-1-41-Billion-Yuan-From-Share-Issuance-42492263/
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