Shenzhen Zesum Technology (SHE:301486) proposed to use 109.6 million yuan of surplus raised funds from its initial public offering projects to build the Zhejiang production base optical communication product expansion project.
The project involves renovating a 13,200-square-meter workshop and purchasing equipment over a 24-month construction period, according to a Shenzhen bourse filing on Friday.
The proposal requires shareholder approval.
Shares of the precision electronic parts producer were down 3% in recent trade.
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