Xinye textile announced on Thursday night that the company's application for non-public offering was approved by the SFC. The company will issue no more than 90 million new shares.

The approval is valid within 6 months from the date of approval.

Xinye textile had previously deliberated on the issue of non-public offering to no more than 10 specific investors, and specific investors subscribed to the non-public offering shares in cash.

The fund will not be more than 500 million yuan, and will be used for the production of pure cotton combed compact spinning production line, Xinjiang Akesu lint processing base and pure cotton combed yarn production line.