On June 17th, Xiamen Xinda (000701) announced on Wednesday evening that the State-owned Assets Supervision and Administration Commission of Xiamen Municipal People's Government agreed to the company's non-public offering of shares.

According to the plan, the company intends to issue no more than 75.145 million shares to no more than 10 specific investors including the indirect controlling shareholder Guomao Holdings. The issue price is not less than 17.3 yuan/share, and the raised funds are not more than 1.3 billion yuan. After deducting the issuance expenses, 160 million yuan will be used for the Xinda IOT security technology service platform project; 640 million yuan will be used for the Cinda Optoelectronics LED packaging and application product expansion project; 110 million yuan for the Cinda Optoelectronic LED display package Product expansion project; 390 million yuan to supplement working capital.

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