Hangzhou Century (300078), a producer of EAS (Electronic Article Surveillance) products for theft prevention, announced it intends to raise 358.05 million yuan to construct a RFID system, reports Shanghai Securities News, citing a company filing.

Hangzhou Century said in the filing it will make an initial payment of 100 million yuan, inject 200 million yuan to acquire land in the Hangzhou Qianjiang Economic Development Area, and later purchase RFID equipment.

According to the company, RFID can be used in the logistics, manufacturing, and public services sectors.

Hangzhou Century expects annual sales revenue of 600 million yuan, and net profit of 108 million yuan once the RFID project is put into operation.

The company posted a 12.79 percent year-on-year rise in 2011 revenue to 350 million yuan, while net profit rose 9.96 percent to 93.3 million yuan