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Suzhou Centec Communications Plans 4.8-Billion-Yuan Private Placement

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Suzhou Centec Communications (SHA:688702) plans to raise up to 4.81 billion yuan via a private A-share placement of up to 41 million shares to no more than 35 investors, according to a Wednesday filing with the Shanghai bourse.

Proceeds are earmarked for next-generation high-performance switching chip research and development and industrialization, for interconnect software and hardware research, and for working capital.

The shares will be priced at no less than 80% of the 20-day average price.

Shares of the ethernet switch silicon vendor were down 1% in recent trade.

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