Xiangtan Electric seeks approval for targeted A-share issuance

** Xiangtan Electric Manufacturing (SSE:600416) is seeking regulatory approval for a targeted A-share issuance in 2024, addressing questions raised by the Shanghai Stock Exchange. The plan involves raising up to CNY 200 million to support several key initiatives, primarily focusing on high-growth sectors. A significant portion, CNY 97 million, is earmarked for the "Aerospace Electrical System Serialization Development and Industrialization Project", expanding the company's footprint in the aerospace domain, while CNY 52 million is planned for the "Magnetic Suspension Bearing High-Speed Motor System R&D and Industrialization Project", furthering technological advancements. Approximately CNY 2.35 million from the funds is allocated towards R&D expenditures. The rest of the fund, CNY 51 million, are allocated for general working capital.