Tayho Advanced Materials Group (SHE:002254), formerly Yantai Spandex, plans to increase the capital of its two subsidiaries, according to a Shenzhen Stock Exchange disclosure on Tuesday.

The Chinese manufacturer of textile products will raise Yantai Tayho Battery New Material Technology's capital by nearly 47 million yuan and Yantai Taihe Le Cai Textile Technology by 30 million yuan.

Tayho Battery New Material's and Taihe Le Cai's registered capital will rise to 100 million yuan and 70.4 million yuan, respectively.

After the capital raise, the company will remain as the subsidiaries' controlling shareholder, owning nearly 80% of Tayho Battery New Material and 72.1% of Taihe Le Cai.