November 21 -- Electronic equipment producer Beijing Sevenstar Electronics ( 002371.SZ ) posted share price gains of almost 10 percent last week, a period when the broader market fell by about 2.6 percent, reports Securities Daily.

After Sevenstar Electronics announced plans on October 21 to raise 1.2 billion yuan from a private placement in order to build a photovoltaic production facility, the company's stock had advanced by a cumulative 15.29 percent in the 18 trading sessions between October 25 and November 17.

During this period, the boarder market rose only 3.91 percent.

The photovoltaic production base requires a total investment of 1.262 billion yuan, of which 93.565 million yuan will come from the excess funds raised from its initial public offering.

The remaining 1.169 billion yuan will come from the proceeds raised through the private placement.

Upon completion, the base is expected to contribute annual after-tax profit of 198 million yuan on revenue of 1.4 billion yuan.

Source:CapitalVue