China Risun (HKG:1907) indirect subsidiary Cangzhou Risun Chemicals is set to receive an 800 milion yuan cash injection from Shenzhen Venture Capital in exchange for a 14.99% stake, according to a Tuesday filing with the Hong Kong exchange.
Of the total, about 632 million yuan will go to Cangzhou Risun Chemicals' registered share capital while the 168 million yuan will go to the subsidiary's capital reserve, the filing said.
Once completed, Cangzhou Risun Chemicals' registered share capital will rise to about 4.22 billion yuan.
Shenzhen Venture Capital will then own 14.99% of Cangzhou Risun Chemicals. Risun Group's stake will reduce to 85% from 99.99% wihle that of Risun Coal Chemicals will remain at 0.01%, the filing said.
Shares plunged 17% during Wednesday's afternoon trading.
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