Xiamen Xinda changes its fundraising investment direction and invests in LED packaging

Xiamen Xinda (000701) issued an announcement on the evening of the 22nd, indicating that the company plans to change the outdoor lighting project in the "Xiamen LED Application Product Expansion Project" among the raised funds investment projects into a packaging expansion project, involving an amount of 71.4976 million yuan.

In March this year, Xiamen Cinda raised a total of 670 million yuan to invest in three projects: Anxi LED packaging new project, Xiamen LED application product expansion project, and RFID product design and production line expansion project. The company said that the use of part of the funds raised in this change to the "Xiamen LED Application Product Expansion Project" is based on the good market demand and development prospects of LED packaging. It will expand packaging production capacity, reduce product costs, and create economies of scale.