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China New Energy to Raise Nearly HK$20 Million via Share Placement

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China New Energy (HKG:1156) plans to raise about HK$19.6 million in net proceeds through a share placement, according to a Thursday Hong Kong bourse filing.

The company agreed to place up to 118 million new shares at HK$0.173 each to no fewer than six independent investors on a best-efforts basis.

The placing shares represent about 20% of the company's existing issued share capital and nearly 16.7% of its enlarged share capital.

Net proceeds will be used to replenish the company's general working capital.

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