JINHUI Holdings Co has made a combined placement and subscription offer to raise about $147 million after expenses. The company placed 62 million shares at $1.75 each from the holding of major shareholders. One of these shareholders, Fairline, has agreed to subscribe for 84.7 million new shares at the same price. The company intends to use the proceeds of the subscription to finance investments in China including the expansion of an aluminium joint venture in Zhangzhou in Fujian province and an investment in Yantai Penghui Copper Industry Co. The placement is being arranged by Wardley James Capel and Worldsec International but is not being underwritten.