Jiajia Food, the Chinese condiment group, plans to raise up to CNY450m (US$72.63m) through a private placement of shares.
The soy sauce to edible oils company said in a regulatory announcement that the capital raising would allow it to respond to challenges in the sector, which has come under pressure from China's macroeconomic slowdown and "fierce market competition".
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Jiajia is investing in increasing production capacity and moving its products up the value chain through "marketing and development" efforts.
Click here to view the release in Chinese.
