Yuanfang Optoelectronics plans to use a total of 47 million yuan in over-raised funds to set up a wholly-owned subsidiary in the United States

On June 27, Hangzhou Yuanfang Optoelectronics announced that it plans to set up a wholly foreign-owned subsidiary with some over-raised funds. The total investment of the project is about 7.5 million US dollars, including fixed assets investment of 3 million US dollars, and initial working capital of 4.5 million US dollars. The source of funds is to use the company's partially over-raised funds of 47 million yuan (based on the actual exchange rate) to purchase foreign exchange.

Yuanfang Optoelectronics Co., Ltd. said that the project is to establish a wholly-owned subsidiary in the United States, American Far East Co., Ltd. (subject to the approval of relevant departments), establish a North American R&D center, a core component manufacturing base and a North American sales service center, and integrate international excellent resources to engage in light. Radiation measurement technology research and establishment of testing and calibration center laboratories, providing optoelectronic testing products sales and services to North America, acquisition of foreign high-quality assets, technology or companies.

It is reported that on March 29, 2012, Yuanfang Optoelectronics made an initial public offering of 15 million shares of common stock at a price of 45 yuan per share. The total amount of funds raised was 675 million yuan and the funds raised were 453 million yuan. As of June 25, 2013, the company still had 301 million yuan of super-raised funds not used.

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