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". 

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.

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