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Sharetronic Data Technology Plans Up to 8 Billion-Yuan Private Placement; Shares Down 3%

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Sharetronic Data Technology (SHE:300857) plans to raise up to 8 billion yuan via a private placement of A shares.

Proceeds will be used for its artificial intelligence computing center construction, data storage expansion, loan repayment and working capital, according to a weekend filing with the Shenzhen bourse.

The proposal is subject to shareholder approval, Shenzhen Stock Exchange review, and China Securities Regulatory Commission registration.

Shares of the wireless telecommunication equipment manufacturer were down 3% in recent trade.

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