May 16 -- Jiangsu Jiangnan High Polymer Fiber’s (600527) private placement plan was approved by the China Securities Regulatory Commission, reports stcn.com, citing a company filing.

According to a previous filing, the company intends to raise up to 426 million yuan by issuing no more than 51 million shares to 10 designated investors at not less than 8.43 yuan per share.

The funds raised will be used to improve the technology of its 80,000-ton staple fiber production line.