STOCKS | Centec Communications Plans Share Placement To Raise Up To RMB 4.805 Billion

Centec Communications (688702) said on Sept. 1 that it plans to issue up to 41 million A shares to no more than 35 specific investors and raise up to RMB 4.805 billion, according to ETNet. Net proceeds, after issuance costs, will be used for next-generation high-performance switching chip research and industrialisation, next-generation interconnect software, hardware and protocol research, and working capital. The company said the offering is aimed at improving its high-bandwidth, high-performance switching chip product matrix and building full-scenario computing service capabilities. Centec also said it plans to pursue systematic technology development across software, hardware and protocols to build its next-generation high-performance network architecture and an independent technology ecosystem. The stock fell 2.74% to 359.1 yuan.