OFILM (SHE:002456) received approval from the China Securities Regulatory Commission to place shares for an acquisition, according to a Shenzhen bourse filing on Wednesday.
The company was allowed to place 137,643,466 shares to Nanchang Chanmeng Investment Management for the acquisition of 28.2% of OFILM Microelectronics (Nanchang).
The Chinese optoelectronic products manufacturer's shares slumped 6% at the close.