Tongfu Microelectronics to Raise 4.22 Billion Yuan From Share Placement

Tongfu Microelectronics (SHE:002156) plans to raise up to 4.22 billion yuan from a share placement, according to a Saturday disclosure on the Shenzhen bourse. The Chinese integrated chip manufacturer's shares rose 1% during Monday's morning trade. The company will place up to 455,279,073 shares, or 30% of the total shares, to investors. The proceeds will be used for the expansion of a memory chip packaging plant, a plant for automotive and other energy applications, a plant for wafer-level packaging and a facility for high-performance and computing and communications. The rest will be used for the company's working capital.