(Yicai Global) Nov. 3 -- Naura Technology Group, a leading Chinese manufacturer of semiconductor equipment, has completed a private placement of nearly CNY8.5 billion (USD1.3 billion), of which 17 percent was subscribed by the second phase of the China National Integrated Circuit Industry Investment Fund.

Naura issued 28 million shares at a price of CNY304 (USD47.50) each, a 21.5 percent discount on today’s closing price [SHE:002371] of CNY387.51 (USD60). The China National Integrated Circuit Industry Investment Fund Phase II bought 4.9 million shares, making it the seventh largest shareholder.

The National IC Fund Phase II is slowly taking the place of Phase I, which is Naura’s third largest shareholder with 7.5 percent equity. The funds operate as a venture capital pool that bows out from projects it invests in when the time is right. Last year Phase I pared its stake in Naura by 2 percent. State-backed electronics company Beijing Sevenstar Science & Technology remains the largest shareholder with a 33.9 percent stake.

The funds raised will be used to expand semiconductor equipment and high-precision electronic component capacity, fund more research & development and supplement working capital, according to the private offering plan made by Beijing-based Naura in April.

Naura’s net profit in the first nine months more than doubled from the same period last year due to strong demand and its stock price has also more than doubled this year.

Editor: Kim Taylor