Nanjing Hongbaoli Plans Fund Raising

Nanjing Hangbaoli is planning to raise RMB246m ($36.9m) for the technical upgrading of its polyethylene plant through private placement.

The Chinese company plans to issue 17 million new shares, valued at RMB15.11 a piece, for a 60,000t polyether polyurethane technical upgrading project, which will be developed by its Nanjing Baoxin Polyurethane subsidiary.

The company will invest RMB240m ($36m) from the proceeds in the Nanjing plant, according to

The project will be developed in three phases and is expected to reach full capacity three years after construction is completed, bringing in annual sales of RMB715m ($107m).