Anhui Wanwei Updated High-Tech Material Industry Seeks to Raise Up to 2.3 Billion Yuan in Private Placement

Anhui Wanwei Updated High-Tech Material Industry (SHA:600063) proposed a private placement of up to 468.8 million shares to raise up to 2.3 billion yuan to controlling shareholder Wanwei Group. Proceeds will fund the 200,000 tons-per-year ethylene-based functional PVA resin project and a 30-million-square-meter-per-year PVA optical film project for high-generation displays, according to a Friday filing with the Shanghai bourse. Shares of the chemical manufacturer closed 7% lower Thursday.