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FINWIRES

Chongqing Polycomp Plans Up to 5 Billion Yuan Placement; Shares Fall 7%

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Chongqing Polycomp International (SHE:301526) plans to raise up to 5 billion yuan via a private A-share placement to no more than 35 investors, according to a Tuesday filing with the Shenzhen bourse.

Proceeds will be used for high-frequency high-speed electronic fiber fabric production, equipment upgrades, artificial intelligence-grade ultra-low dielectric loss fabric pilot development and for working capital.

The placement, priced at no less than 80% of the 20-day average trading price, is capped at 342.7 million shares, or 9.09% of the company's current capital.

Shares of the glass fiber and composite materials manufacturer fell 7% in recent trade.

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