Zhuzhou Oukei Cutting Tools

Oukei (688308.SH) announced a rights offering to raise up to CNY 800 million, with CNY 600 million for a CNC tool industrial park project in Zhuzhou and CNY 200 million for working capital.

Ouke (Oukei) plans to invest CNY 748.9 million through its subsidiary Zhuzhou Oukei Cutting Tools to build a CNC tool industrial park in Zhuzhou High-tech Industrial Development Zone. The project will produce 1,000 tonnes of high-performance rods, 3 million solid carbide tools, 200,000 CNC tools, 5 million cermet inserts and 10 tonnes of cermet saw teeth annually.