August 3 -- Suntek Technology (600728) filed it will downsize the target of its private placement plan from 400 million yuan to 373 million yuan, reports yicai.com.

The latest plan states that the Guangzhou-based telecommunications and IT firm will issue 40 million shares at 10.99 yuan per share. Funds raised will be used for research and development as well as the application of its mobile network service platform, new generation integrated smart security platform resolutions, cloud computing outsource services, and smart transport system and industrial resolutions.

The lower target is not the first modification to the private placement plan; on July 28, Suntek had trimmed it from 422 million yuan down to 400 million yuan.