(Yicai Global) Feb. 24 -- Shares of Thunder Software Technology jumped after the operating systems provider said it plans to raise as much as CNY1.7 billion (USD241.8 million) in a private placement of shares to fund five projects, including for intelligent connected vehicles.

ThunderSoft [SHE:300496] gained 4.2 percent today to close at CNY76.77 (USD10.92). The stock soared as much as 8.4 percent in trading, reaching CNY79.90, the highest since June 2016.

The funds will go to develop an OS and smart driving assistance system for ICVs, a fifth-generation network-based smart terminal authentication platform, and a technology convergence project, the Beijing-based company said in a statement late yesterday. It also plans to build a research center in Nanjing, the capital of China's eastern Jiangsu province.

ThunderSoft's clients work mainly in the fields of ICV, smart Internet of Things hardware and intelligent software systems. Buyers of its ICV and driving tech include Volkswagen, Mercedes-Benz, Toyota Motor, Honda Motor, General Motors and Ford Motor.

The firm's driving assistance devices, such as a digital rearview mirror, have been used in Audi's e-tron vehicles, ThunderSoft said. Its algorithms, including for comprehensive facial recognition, fore-view anti-collision, and cockpit interaction, have been used in mass-production and development projects, it said.

The firm showcased its intelligent cockpit TurboX Auto 4.0 at this year's Consumer Electronics Show, it added.

Editor: Peter Thomas