Shennan Circuits' Lower Fund Raise Unlikely to Weigh on Wuxi Project Plan
Dow Jones
Sep 09
0443 GMT - Shennan Circuits' plan to lower the maximum private placement size to 4.37 billion yuan from 4.88 billion yuan will not alter its Wuxi project plan, says Citi analyst Eric Lay in a note. The 3.6 billion yuan Wuxi AI computing electronic circuit project will retain its full investment, with the reduction in fundraising coming from the working capital tranche. A smaller working capital allocation does not affect the company's revenue or margin assumptions, and Citi makes no changes to its estimates. Citi maintains its buy rating and 465.0 yuan target price. Shares were up 0.3% at 383.80 yuan.
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