Source: Yicai Global

Aug. 1 -- Jiangsu Xiuqiang Glasswork Co. plans to raise USD148.8 million (CNY1 billion) in funding through a private share placement. The firm will issue shares to five previously selected investors.

The proceeds will be used to build a new smart glass production line as well as fund two children’s education projects and information system upgrades in a bid to consolidate Xiuqiang Glasswork’s core glass processing businesses and scale up investment in education, the company said yesterday in a financing plan.

The growing popularity of intelligent upscale home appliances has led to increasing demand for larger touch screen modules and high-end smart glass products, the group said. Demand for high-end smart glass is expected to rise further in future.

Jiangsu Xiuqiang Glasswork is the largest household appliance glass manufacturer in China. Most of its revenue came from glass deep processing last year, while education accounted for about five percent of its revenue, per the company’s annual report.