Guangdong Ellington Electronics Technology Co.,Ltd. (603328.SH) has announced a plan to raise up to 2 billion yuan through a private placement of A-shares, according to a company filing.

The issuance is targeted at no more than 35 qualified specific investors, including the company's controlling shareholder, Sichuan Jiuzhou Investment Holding Group Co., Ltd. Jiuzhou Group intends to subscribe for cash shares worth no less than 500 million yuan and no more than 1 billion yuan, with the amount also capped at 50% of the total actual funds raised.

Proceeds from the offering, after deducting issuance costs, will be allocated to the high-end printed circuit board intelligent manufacturing project and to supplement working capital.