On 23 April 2014, China Securities Regulatory Commission (CSRC) granted an approval to Chengtun Mining Group Co on the latter’s application for a private placement. Dacheng senior partners Ping Yunwang and Zhang Lei and partner Liu Tao advised Chengtun Mining on the private placement.
The mining group offered no more than 161,220,000 new shares to 10 (at most) chosen investors, raising approximately 1,151,150,000 yuan. The capital would be used to support a stock acquisition, prospecting and exploration and technological upgrading.
Shengshi Asset Management Scheme, one of the investors, is a special account administering funds from Chengtun Mining’s senior executives and key employees. It is managed by China Universal Asset Management Co.
Chengtun Mining was launched on the Shanghai Stock Exchange in 1996. It is primarily engaged in the mining of non-ferrous metals and has operations in Beijing, Fujian, Inner Mongolia, Yunnan, Guizhou and Ningxia.