(Yicai Global) Dec. 6 -- Chinese internet security firm 360 Security Technology has resubmitted plans to regulators to raise CNY10.8 billion (USD1.5 billion) in a private placement of 1.35 billion shares after an 18-month delay.

360 Security presented a revised draft to the China Securities Regulatory Commission yesterday for approval, the Beijing-based firm said in a statement. Little has changed in the new version. The fundraising amount and use of funds are the same as in the original filing in May last year. No reasons were given for the hold-up.

The company delisted from the New York Stock Exchange in July 2016 and repatriated to China because it was unable to provide full network security services as a foreign entity. 360 Security then went public in Shanghai in February 2018 through a reverse merger with SJEC, an elevator and escalator maker. Its market value was CNY385 billion when it debuted, nearly seven times what it was when the firm delisted from the NYSE.

After only three months on the mainland stock market, 360 Security submitted its private placement plan. As a cash-rich company with CNY13.8 billion (USD1.9 billion) of funds available, the CSRC approved the application in July last year but for various reasons the firm delayed following through.

360 Security's share price [SHA:601360] closed 0.4 percent lower today to end the week at CNY21.10 (USD3), giving it a market capitalization of CNY143.3 billion (USD20.4 billion).

360 Security is planning nine projects with the cash raised to boost investment in research and development, according to the prospectus. The biggest will be a CNY4.67 billion (USD664 million) Big Data center, which the firm hopes will enhance its support and service capabilities in data storage and analysis, networking and security. It will also use nearly CNY1.2 billion to set up a new general artificial intelligence hub for video analysis and cloud services.

Another CNY1.2 billion will go toward a smart search and commercialization project, which aims to upgrade technologies, content and products in online advertising, some CNY510 million into a cyberspace R&D center and CNY820 million into a smart ecosystem project for children.

These projects will help strengthen 360 Security's resource reserves and technical advantages in network security, AI and Big Data, the company said. They will enable the firm to further extend its footprint in areas such as internet advertising, internet value-added services and smart hardware to enhance its long-term profitability.

Chairman Zhou Hongyi will remain controller of the company after the private placement, but his stake will drop 53.09 percent from 63.7 percent.