(Yicai Global) Dec. 21 -- Shares of Chinese copper clad laminate producer Goldenmax International Technology soared today after it announced it will spend CNY600 million (USD91.6 million) to build a CCL-manufacturing plant with annual production of 30 million units in east China.

Goldenmax [SHE:002636] traded up 6.8 percent at CNY10.21 (USD1.56) in midafternoon after nudging the 10 percent daily price ceiling in the morning on the news.

CCL is a basic material widely used in the electronics sector.

Groundbreaking on the project in Ningguo in eastern Anhui province is set to start in the first half and finish in the first six months of 2022 when the facility will also get up and running, the Shanghai-based CCL giant said in a statement today.

The investment seeks to diversify the company’s product range to raise its high-level CCL output and its market share, per the statement, which added the project can add about CNY3 billion (USD458 million) to its annual sales, but omitted further details.

CCLs are special composites used to manufacture printed circuit boards. Their prices have skyrocketed recently as demand mounts with the mass construction of 5G base stations, proliferation of electronic control systems for new energy vehicles and the rising costs of raw materials

Goldenmax ranks number three in China’s CCL industry and its senior executives stated the company’s annual capacity had reached around 40 million units when fielding investors queries at the start of the year.

Editor: Ben Armour, Xiao Yi