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Jiadeli Electronics Material Provides 490-Million-Yuan Loan to Subsidiary for Production Base

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Quanzhou Jiadeli Electronics Material (SHA:603435) will provide 490 million yuan in initial public offering proceeds as an interest-free loan to wholly-owned subsidiary Xiamen Jiadeli.

The funds will finance the phase one construction of the subsidiary's new materials production base, which has a total planned investment of 594.9 million yuan, according to a Wednesday filing with the Shanghai bourse.

The loan term runs until project completion.

Shares of the electrical film manufacturer closed 10% lower Wednesday.

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