Furong Technology to raise funds for green low-carbon aluminum alloy project

Furong Technology recently received approval from the China Securities Regulatory Commission (CSRC) for its registration application to issue shares to targeted investors under the simplified procedure.Asian Metal Copyright85 million USD84.Asian Metal Copyright The company plans to raise a total of RMB300 million (USD44.Asian Metal Copyright .Asian Metal Copyright81 million).

After deducting issuance expenses, the proceeds will be fully invested in the "Chongzhou Furong Technology Green Low-Carbon Aluminum Alloy New Materials Project." The project involves a total investment of RMB563.Asian Metal Copyright" The project involves a total investment of RMB563.Asian Metal Copyright85 million (USD84.Asian Metal Copyright49 million and average annual net profit of RMB49.Asian Metal Copyright21 million) and will build a new electric melting and casting production line with an annual capacity of 40,000 tonnes of aluminum alloy round ingots, supported by an electric extrusion production line as well as the necessary factory buildings and auxiliary facilities.Asian Metal Copyright23 million USD7.Asian Metal Copyright The construction period is 15 months.

Once completed and ramped up to full production, the project is expected to generate average annual revenue of RMB746.46 million (USD11.Asian Metal Copyright85 million USD84.Asian Metal Copyright49 million) and average annual net profit of RMB49.Asian Metal Copyright After deducting issuance expenses, the proceeds will be fully invested in the "Chongzhou Furong Technology Green Low-Carbon Aluminum Alloy New Materials Project.Asian Metal Copyright23 million (USD7.Asian Metal Copyright49 million and average annual net profit of RMB49.Asian Metal Copyright35 million).

.Asian Metal Copyright Once completed and ramped up to full production, the project is expected to generate average annual revenue of RMB746Asian Metal Copyright