CICT Mobile Communication Seeks 7 Billion Yuan in Proceeds From Share Placement

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CICT Mobile Communication Technology (SHA:688387) plans to raise proceeds of up to 7 billion yuan from a share placement, according to a Wednesday disclosure on the Shanghai bourse.

The number of shares to be placed will not exceed 20.48% of the Chinese mobile communication equipment company's total shares, which represent up to 700 million shares.

The proceeds will be used for a space-air-group mobile communications industrialization and research and development projects, a 6G R&D project and for the company's supplementary working capital.

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