Jiangsu Recbio Technology (HKG:2179) plans to issue up to 143,112,702 shares to Yangtze River Pharmaceutical at 5.59 yuan apiece, according to a Monday filing with the Hong Kong Exchange.
The shares represent 22.86% of the entire share count of the company following the issuance.
Proceeds, forecast to be at 800 million yuan, will be used for the research and development of singles vaccine products and for working capital, the filing said.
Shares closed 7% higher during Tuesday's trading.
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