Haomei New Materials' plan to issue A-shares to targeted subscribers has been approved by the Shenzhen Stock Exchange. The total funds to be raised will not exceed 1.75 billion yuan. The issuance targets are up to 35 specific investors, all subscribing in cash, and the number of shares to be issued will not exceed 30% of the total share capital before the issuance, i.e., no more than 74.9255 million shares. The raised funds will be used for capacity expansion projects of high-performance aluminum profiles and components for automotive lightweighting in East and South China, construction of a research and development innovation center, intelligent technology transformation of the South China production base, and replenishment of working capital.
Guangdong Haomei New Material Co LtPrivate placement approved, raising up to 1.75 billion yuan for expansion and working capital.