Jiangsu Lopal Tech (SHA:603906, HKG:2465) received approval from the China Securities Regulatory Commission for its proposed issuance of domestic shares to specific investors, according to a Wednesday Hong Kong bourse filing.
The proposed issuance is expected to raise up to 2 billion yuan.
Proceeds will be used for phosphate iron-based cathode material projects and general working capital.
The automotive specialty chemicals seller plans to issue new shares to no more than 35 investors, with the final size and pricing to be determined through a bidding process.
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