September 1 -- Zhejiang Kan Specialties Material (002012), a specialty paper maker, will reduce the target amount for its new share issuance to 500 million yuan, reports yicai.com.

Kan Material’s initial plan was to initially raise 621 million yuan by issuing new shares, with net funds of 598 million yuan. That would fund technology upgrades at a factory that annually produces 11,000 tons of paper used in electric appliances and a factory that produces 14,000 tons of filter paper annually. It also intended to inject capital into Zhejiang Kaichen Lithium in a bid to enter the lithium ion battery market.

The company’s overall funding goals have not changed, but Kan Material has reduced the amount of funds it will invest in the electric appliance paper factory to 177 million yuan and has reduced funds for the filter paper facility to 225 million yuan. It will inject 78.8 million yuan to Zhejiang Kaichen Lithium.

Kan Material will issue 50 million shares at 12.3 yuan per share.