Suzhou Lvkon Transmission Technology (SHE:301655) will reduce the allocation of funds raised from its initial public offering to its planned projects, as the actual proceeds were lower than expected, according to a Thursday after-hours filing with the Shenzhen bourse.

The maker of transmissions for electric vehicles will reduce its allocation of proceeds to 515.2 million yuan from 1.58 billion yuan.

The budget for electric drive systems for NEVs will now be at 450.2 million yuan from the original budget of 1.38 billion yuan, while the budget for its R&D center construction project will fall to 65 million yuan from 200 million yuan.

The company will cover the shortfall using its cash reserves or self-raised funds, the filing said.

Company shares rose 7% during the close of trading on Friday.