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Xinxing Tools Announces Details for Initial Strategic Placement

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Zhejiang Xinxing Tools (SHE:301677) announced plans for its initial strategic placement of its shares for the initial public offering, according to a Shenzhen bourse filing on Thursday.

The Chinese drill manufacturer will publicly issue a total of 25 million new shares, representing 25% of its total shares, and will offer approximately 3.8 million shares, or 15% of its offering, in its initial strategic placement.

The initial offline offering will consist of about 14.9 million shares, while the initial online offering will consist of about 6.4 million shares.

The company will conduct the online roadshow on July 17, Friday.

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