Freewon China (SHA:688678) raised 1.01 billion yuan in net proceeds from its private placement to eight investors, according to a Wednesday after-hours filing with the Shanghai bourse.

The placement saw the sale of 54.6 million shares at about 18.70 yuan apiece, 113.06% of the floor price of 16.54 yuan apiece.

Proceeds went to the company's key metal components industrialization and embodied AI robot key metal components projects.