Avary Holding Shenzhen (SHE:002938) proposed to raise up to 9.60 billion yuan from a share placement to up to 35 investors, according to a Shenzhen bourse filing on Thursday.

The Chinese printed circuit board manufacturer plans to issue up to 231,753,665 shares, representing about 10% of its total share capital, to a maximum of 35 investors.

Proceeds from the placement will be used to fund the Qingding AI server and high-speed optical module high-density interconnect multilayer board project. The total investment for the project is estimated at 12.7 billion yuan.