Guangdong Xianglu Tungsten (SHE:002842) plans to raise up to 490.8 million yuan through a share placement, according to a Shenzhen bourse disclosure on Saturday.
The company's shares rose around 1% in recent trade.
The Chinese tungsten products manufacturer will issue up to 98,151,726 shares to up to 35 investors.
The proceeds will fund the construction of a plant producing 30 billion meters of ultrafine tungsten alloy wire for photovoltaics every year, as well as supplement the company's working capital, the disclosure said.
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