Zhejiang Shibao (01057) plans to raise no more than 1.394 billion yuan through a private placement of A-shares.

Zhuhai Shibao (01057) announced that the company plans to issue A-shares to no more than 35 specific investors (including 35), raising no more than 1.394 billion yuan. The net proceeds are intended to be used for the industrialization construction projects of automotive drive-by-wire steering systems, the industrialization construction projects of the new generation intelligent steering systems for passenger vehicles, the upgrade projects for intelligent technology of automotive electronic PPK products, the enhancement projects for R&D capabilities of drive-by-wire steering and angle module systems, and to supplement working capital.