Visionox Soars by Limit After Hefei Gov’t Investment Arm Agrees to Take Over Troubled OLED Maker
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Shares of Visionox Technology surged by the daily trading limit after the Hefei government’s investment arm agreed to take control of the OLED maker. Visionox closed 10% up at CNY9.32 following a trading halt since Nov. 3. The company will issue 419 million new shares at CNY7.01 each to Hefei Jianshu Investment, raising over CNY2.9 billion. This will increase Hefei Jianshu's stake to 31.9%. The funds will be used for working capital and debt repayment. Visionox has faced losses, reporting a net loss of CNY1.6 billion in the first three quarters of 2023.
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