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Tianhe Magnetics withdraws IPO application on science and technology innovation board of SSE

According to the news from the official website of Shanghai Stock Exchange (SSE) on 19 January, SSE decided to terminate the review on IPO application on science and technology innovation board submitted by Tianhe Magnetics Technology Co., Ltd. as the company withdrew its IPO application.

According to the prospectus released earlier, Tianhe Magnetics planned to raise funds of RMB540 million (USD83.57 million) for investment in high-performance NdFeB industrialization project, high-performance rare earth permanent materials production line intelligent transformation project, high-performance rare earth permanent materials research and development center upgrading project, and supplement of working capital.