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Boyun New Materials Logs 49 Million Yuan in Surplus From Raised Funds

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Hunan Boyun New Materials (SHE:002297) posted surplus funds of nearly 49 million yuan from funds raised for a project, according to a Shenzhen bourse filing on Saturday.

The aircraft wheel brake systems manufacturer's shares closed 3% on Monday.

The company raised 631.1 million yuan, with 517.4 million yuan used for the construction of a plant for high-efficiency precision cemented carbide tooling and high-toughness ultra coarse-grain carbide cutting tools, while 65.7 million yuan was for the replenishment of the company's working capital.

The surplus will be used to supplement the company's working capital.

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