Yuan Long Ping High-Tech Agriculture (SHE:000998) is planning to raise up to 1.2 billion yuan via the issue of 152,477,763 shares at 7.87 yuan apiece.

Proceeds will go toward loan repayment and working capital, according to a Tuesday filing with the Shenzhen bourse.

The shares will be issued to controlling shareholder CITIC Agriculture, with the new shares subject to an 18-month lock-up period.

The agricultural by-products company's shares closed 3% lower Tuesday.