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Xinde New Material Tech's Investee Company Applies for Shenzhen IPO; Shares Down 5%

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Liaoning Xinde New Material Technology's (SHE:301349) investee company, Henan Guangyuan New Material, applied for the listing and offering of shares on the Shenzhen Stock Exchange's ChiNext market, according to a Tuesday bourse filing.

Guangyuan New Material is a manufacturer of electronic-grade glass fiber products.

The Chinese chemical manufacturer currently owns 0.69% of Guangyuan New Material, which represents 3,430,000 shares.

Xinde New Material's shares dropped 5% during the morning trade.

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