Ledman (300162.SZ) disclosed on December 25th that it has effectively issued 70 million shares at a unit price of 6.59 yuan, aggregating to a capital raise of 461 million yuan. The proceeds are earmarked for the upgrading and expansion of the COB UHD Display Project, alongside the bolstering of working capital.

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According to the offering report disclosed by Ledman, the company’s recent follow-on offering attracted subscriptions exceeding 600 million yuan. Ultimately, 11 investors were confirmed as final subscribers, comprising nine institutional investors including prominent entities such as?Caitong Fund Management, Nuode Asset Management, Aegon-Industrial Fund, Guotai Junan Securities, and China Asset Management, as well as two individual investors.

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The announcement indicates that the principal investment project for Ledman’s recent follow-on offering is the COB UHD Display Expansion Project. The company asserts that this capital deployment is a pivotal strategic initiative aimed at consolidating and expanding its market presence in the fine-pitch and particularly the Micro LED display sectors. This strategic investment is intended to establish distinctive competitive advantages and enhance market positioning, contributing to a substantial escalation in the company’s sales volume and profitability. It is also expected to bolster the company’s resilience against market volatility and fortify its overall competitive stance in the industry.