July 13 – Fujian SBS Zipper Science and Technology (SBS) (002098) plans to issue 29 million shares for 12.11 yuan per share in a follow-on offering, raising as much as 350 million yuan to fund the construction of a sales network, a new factory and a research center, reports stcn.com, citing a company filing.

The firm plans to allocate 262 million on the production facility, which will make high-end and mid-range zippers. It entails a construction period of two years, and SBS hopes it will lower production costs in the long run.

The research center will cost 28.61 million yuan, and SBS says it will pay for “elite personnel” to improve innovation.

The company hopes the private placement will reduce its debt ratio from 53 percent in the first quarter to 40 percent.

SBS was the first zipper company to list on a Chinese stock exchange when it first sold shares on the Shenzhen bourse in 2006.