BOE Technology Group, China's largest flat-screen display maker, said it raised 1.9 billion yuan by selling new shares to investors including its parents to fund expansion.
The cash call came five months after the company said in May that it had scrapped a plan to list shares in Hong Kong.
BOE Technology, whose yuan-denominated A shares and Hong Kong dollar-denominated B shares trade in Shenzhen, yesterday said it sold 675.9 million new A shares or 24 per cent of the total enlarged A share capital to four institutional investors.
Buyers of the new shares included parent Beijing BOE Investment & Development and three state-owned firms.
The average selling price was 2.75 yuan per share, a 12 per cent discount to its closing price yesterday.
BOE Technology's A shares fell 2 per cent to 3.06 yuan on Wednesday while the B shares dropped by 3 per cent to HK$1.34.
