Outdoor product brand Toread raises RMB 1,270 million
Outdoor product brand Toread has completed its private placement to raise RMB 1,270 million to fund the development of its cloud-based programs, outdoor exercise O2O platforms, outdoor product e-commerce programs and outdoor safety service platforms.
Outdoor product brand Toread (“探路者”) has completed its private placement, at RMB 15.88 per share, and raised RMB 1,270 million, the company announced on June 1.
The Beijing-based company will use the money to develop its cloud-based programs, outdoor exercise O2O platforms, outdoor product e-commerce programs and outdoor safety service platforms.
Toread, which operates in outdoor exercise, travel and sports, will play an essential role in improving customers’ experience in outdoor exercise and consumption upgrade in China, at a time when quality is increasingly important and consumption becomes an important pillar of China’s economy, and consumption in culture, sports and travel will replace investment, export and domestic demand as the key engines of economic growth, industry experts believe. (Translated by Claire)