Qingdao Doublestar Withdraws Application for Private Placement

Qingdao Doublestar Co., Ltd. held on Aug. 15 the 17th meeting of the 7th session of board, discussing and passing the Agenda on Withdrawing the Application Documents for Private Placement.

The company will apply to China Securities Regulatory Commission for withdrawing the application documents for private placement in 2016.

At the beginning of this year, Qingdao Doublestar said it planned to issue no more than 186,335,403 shares to raise 1.5 billion yuan through private placement. The fund would be used for paying the loans and adding liquidity.

With regard to the reasons for the withdrawal, Qingdao Doublestar said the environment of China’s securities market and supervision regulation changed considerably since the company disclosed the private placement plan.

With consideration of the capital market environment, the company decided to withdraw the application so as to protect the interests of the investors after in-depth communication with the investors and brokers.

Qingdao Doublestar believes that the business operation and financial condition of the company are well, the withdrawal will not affect its production, operation and development, and will not hurt the interests of the company, the shareholders, and the mid and small shareholders in particular.