China Treasures New Materials Group Limited. (HK:2439) has released an update.
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China Treasures New Materials Group Ltd. provides additional insights in a supplemental announcement to their Annual Report for FY2023, detailing the expected allocation of unutilized net proceeds from their listing. The company outlines plans to expand biodegradable plastic production, establish a new production base, strengthen R&D, and enhance IT systems, with utilization timelines extending up to 2025. Adjustments to the expansion plan are mentioned, reflecting the company’s strategic use of internal funds for factory setups in Anji and Dongguan.
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