Wanhui High-tech (600063.SH) plans to raise no more than 2.3 billion yuan by way of a private placement to its controlling shareholder.

Zhuhong Finance APP reported that Wanwei High-tech (600063.SH) disclosed its plan to issue A-shares to specific investors, with the investment target being the company's controlling shareholder, Wanwei Group, which will subscribe for all shares issued in this offering in cash. The total amount of funds raised in this issuance will not exceed 2.3 billion yuan (including the amount), and the net proceeds will be used entirely for: a 200,000 tons/year ethylene-based functional polyvinyl alcohol resin project, and a project for the production of 30 million square meters of high-generation panel polyvinyl alcohol (PVA) optical film annually.