November 15 -- Hebei Jinniu Chemical Industry (600722) intends to raise 2.2 billion yuan by issuing up to 355.98 million shares to controlling shareholder Jizhong Energy Resources (000937) in a private placement at a minimum price of 6.18 yuan per share, reports stcn.com, citing a company filing.

The funds raised will be used in a PVC resin production project with an annual production capacity of 400,000 tons of PVC resin. It will also fund a PVC resin reconstruction project with an annual production capacity of 50,000 tons of PVC. Remaining funds will be used to repay bank loans and supplement working capital.