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FSPG Hi-Tech to Raise 4 Billion Yuan via Share Placement

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FSPG Hi-Tech (SHE:000973) plans to raise up to 4 billion yuan from a share placement scheme, according to a Shenzhen bourse filing on Friday.

Among the investors is the polymer functional film maker's controlling shareholder, Guangdong Guangxin Holdings Group, which intends to subscribe for shares worth between 400 million yuan and 1 billion yuan. The subscription amount will not exceed 50% of the actual proceeds.

Proceeds will be used as funding for two separator film projects that will be built in the Chinese city of Shaoguan and the county of Wu'an.

The remaining proceeds amounting to 600 million yuan will be used to replenish the company's working capital.

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