Xiamen Xindeco Ltd. announced a private placement plan on June 9.

According to the preplan, it will issue up to 75.14 million shares at RMB 17.3 per share, in order to raise up to RMB 1.3 billion. RMB 160 million will finance the IoT security service platform, RMB 640 million will be used in the LED packaging and application product capacity expansion project, and RMB 110 million will be used in the LED display packaging capacity expansion project, while RMB 390 will be used a fluid capital.

Xindeco expected the expansion projects to strengthen the company's LED business industry chain, and to increase the capacity of key products in order to rapidly achieve LED business upgrade and application extension.