Listing candidate Yusei Holdings has completed a share placement to institutional investors, raising a net $35 million for capital expenditure.
Yusei is a moulding product manufacturer in Xiaoshan economic and technological development zone in Hangzhou, Zhejiang province. Its controlling shareholder is Japanese-based Yusei Machinery Corp.
The company sold 40 million shares, including 35 million new shares and five million existing shares from its parent company, at $1.25 each.
The shares will begin trading on the Growth Enterprise Market on October 13.
Quam Capital and AMS Corporate Finance are the joint sponsors.
Up to $30 million of the proceeds will be spent on production facilities and equipment. The balance is budgeted for the enhancement of its moulding business and sales development.
Last year, the company's revenue rose 30 per cent to 164 million yuan. Net profit soared 73 per cent to 21 million yuan.