Southern Precision to Invest 366 Million Yuan in Precision Transmission Components and Industrial Bearings
On August 18, the Shenzhen Stock Exchange's official website announced that Jiangsu NanFang Precision Co., Ltd. (stock code: 002553, stock abbreviation: NanFang Precision) has received approval from the China Securities Regulatory Commission for its application to issue shares to specific investors. NanFang Precision is poised to complete its listing on the Shenzhen Stock Exchange's main board. This private placement aims to raise no more than 366.0942 million yuan, with funds primarily invested in the "Precision Braking and Transmission Components Production Line Construction Project" and the "Precision Industrial Bearing Production Line Construction Project."
According to the announcement, the funds raised will be primarily used for two major projects: the construction of a precision brake and transmission component production line, which will further strengthen Southern Precision's R&D and manufacturing capabilities in the high-end automotive parts sector; and the construction of a precision industrial bearing production line, which will help Southern Precision expand its bearing production scale and enhance its product mix to meet growing demand in both domestic and international markets.
Southern Precision stated that the projects funded by the proceeds from this offering are in line with national industrial policies and the company's strategic development direction, and have promising market prospects and economic benefits. Upon implementation, these projects will consolidate Southern Precision's market position, enhance its core competitiveness, expand its business scale and profitability, and provide strong financial support for its continued development.
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