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Dynanonic to Raise 2.90 Billion Yuan via Share Placement

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Shenzhen Dynanonic (SHE:300769) plans to raise up to 2.90 billion yuan through a share placement, according to a Wednesday disclosure on the Shenzhen bourse.

The Chinese nano-scale lithium-ion battery producer's shares fell 2% at the close of Thursday's trade.

The company will place up to 84,056,409 shares, or 30% of its total shares.

A majority of the proceeds, which is worth 215 billion yuan, will be used for the phase I construction of a lithium battery new materials plant, and the remaining amount will supplement the company's working capital.

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