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Hubei Xingfa Chemicals Seeks Up to 3 Billion Yuan Through Private Placement

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Hubei Xingfa Chemicals (SHA:600141) is looking to raise up to 3 billion yuan from the sale of up to 360.5 million shares to up to 35 investors under a private placement, according to a Friday disclosure to the Shanghai Stock Exchange.

Proceeds will go to its phosphate mining project with an annual capacity of 2.8 million tons and its beneficiation project for its 5-million-ton/year phosphate mine, as well as for bank loans.

Shares of the chemical manufacturer fell nearly 2% during afternoon trading on Friday.

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