Haomei New Materials plans fundraising for aluminum extrusion capacity expansion

Haomei New Materials Co., Ltd. recently announced that its private placement plan for A-shares has been approved by the Shenzhen Stock Exchange. The company intends to raise about RMB1.75 billion (USD257.78 million) through a cash-only issuance to no more than 35 designated investors. The total number of shares to be issued will not exceed 30% of the company's pre-issuance total share capital, or a maximum of 74.9255 million shares.

The proceeds will be allocated to capacity expansion projects for high-performance aluminum extrusions and components for automotive lightweighting in East and South China, the construction of an R&D and innovation center, intelligent technology upgrades at the South China production base, and general working capital replenishment.