Zhejiang Shibao (002703.SZ) plans to raise no more than 1.394 billion yuan through a private placement.

Zhejiang Shibao (002703.SZ) announced that the company plans to issue A-shares to specific targets, with a total fundraising amount not exceeding 1.394 billion yuan (including the principal). After deducting issuance expenses, the net amount is intended to be invested in: the industrialization construction project of automotive steer-by-wire systems, the industrialization construction project of the new generation of intelligent steering systems for passenger vehicles, the intelligent technological transformation project of automotive electronic PPK products, the R&D capability construction and upgrading project for steer-by-wire and angle module systems, and to supplement working capital.