Zhejiang Sling Automobile Bearing (SHE:301550) seeks to raise up to 1.8 billion yuan, targeting up to 35 investors at a price of at least 80% of the 20-day average.
Proceeds of 1.5 billion yuan are earmarked for an intelligent manufacturing base for automotive and robotics components and 300 million yuan for working capital, according to a Monday aftermarket filing with the Shenzhen bourse.
Shares of the automotive bearing manufacturer closed 2% lower Tuesday.
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