Shenzhen Wate New Materials Co., LTD. (hereinafter referred to as ""WATE Shares"") issued the 2020 annual non-public offering A share plan on the evening of January 2.

The total amount of funds raised by the company's non-public offering of shares does not exceed 430 million yuan, after deducting the issuance cost, it plans to invest in the special engineering plastic polyamide 10,000 tons/year, special engineering plastic polysulfone 10,000 tons/year project (one and two phases) and supplementary working capital.

Among them, the special engineering plastic polyamide 10,000 tons/year, the special engineering plastic polysulfone 10,000 tons/year project (I and II) is planned to invest in raising funds of about 301 million yuan. Supplementary working capital is intended to use raised funds of about 129 million yuan.

Announcement shows that the existing liquid crystal polymer materials and lightweight polymer materials have been recognized by customers in the electronic communications, automotive and automotive electronics industries and have been used in mass.

According to its existing material supplier system, customers have a clear material demand for the company's high-performance polyamide and polysulfone materials. At the same time, some customers also plan to set up manufacturing bases in the western region according to the development characteristics of the industry, so the company's construction of special engineering plastic polyamide and special engineering plastic polysulfone in Chongqing will improve more comprehensive services for customers in terms of products and industrial areas.

The company said that with the expansion of the company's scale of operation, the implementation of raised investment projects and the increase of investment projects, the company's demand for working capital is also increasing. The company through the issuance of supplementary working capital, can better meet the company's business development brought about by the capital needs, for the company's future business development to provide financial support, so as to consolidate the company's market position, enhance the company's comprehensive competitiveness, for the company's healthy and stable development lay a solid foundation.