Asymchem Tianjin raises 2.3bn yuan in share placement

Asymchem Laboratories (Tianjin) Co raised 2.31 billion yuan gross through a non-public issuance of 10.18 million A-shares at 227 yuan per share. Net proceeds after expenses totalled 2.27 billion yuan.

The company has signed a tripartite supervision agreement with banks and securities firm First Capital Securities to regulate management and use of the raised funds.

Asymchem adjusted project investments and extended timelines for two key projects: a biomedicine research and production base in Jiangsu and a high-end formulation pilot project in Tianjin.