Leading fabric processor Huafeng Environmental Protection Textile International Group Ltd announced on Monday it plans to raise HK$80 million from an IPO in Hong Kong.

The China-based company, which enjoyed an 84 per cent leap in full-year 2001 net profit to HK56.1m and provides textile services including dyeing, setting and finishing, is offering 160 million shares at 50 cents a share.

Huafeng said of the expected HK$39m proceeds, HK$10m will be used for the second phase of construction at its pure-cotton fabric processing factory, with HK$8m used to boost production capacity of blended cotton fabrics and a similar amount invested in new fabric machinery and equipment.

The remaining sum will be split between general working expenses, research and development and the expansion of its wastewater treatment system.
Source: just-style.com