August 10 -- Xinlong Holding (000955.SZ) lowered the fund raising target to 520 million yuan of its private placement plan, reports yicai.com, citing a company filing. The Hainan-based firm will issuing 121 million shares at a minimum issue price of 4.48 yuan per share.

Xinlong Holdings plans to spend 152 million yuan of the funds raised on the production of spun-laced nonwoven fabric, with an annual production capacity of 10,000 tons. Another 293 million yuan will go to the production of medical protective materials, with annual capacity of 12,000 tons.

Xinlong Holding Group was founded in 1993 and produces spun-laced fabrics, thermal bonded fabrics and padding cloth, non-woven deep processing fabrics, as well as phosphorus chemicals.