(Yicai Global) June 4 -- Ofilm Group, a leading Chinese manufacturer of optical products and optoelectronics, has secured CNY2.2 billion (USD309 million) in investment from two state-owned enterprises.

The two companies from Hefei province will contribute CNY1 billion and CNY1.2 billion to Ofilm’s nearly CNY6.8 billion private placement, the Shenzhen-based firm said in a statement yesterday. Shares in Ofilm [SHE:002456] closed down 0.3 percent at CNY16.79 (USD2.36) today.

After the fundraiser, Ofilm’s actual controller Cai Rongjun and his concerted parties will hold a 24.44 percent stake and remain in control, though Cai has stepped down as chairman to focus on innovation and technology and handed the reins to General Manager Zhao Wei.

The firm will use the funds raised to build a research and development center, supplement working capital and to build production lines for high-pixel optical lenses, three-dimensional optical depth sensors, and high-pixel micro camera modules. It expects the three plants, which will benefit from government incentives in Hefei, will generate CNY19.3 billion a year in revenue once complete.

“The projects will further expand Ofilm’s operating scale and enhance its core competitiveness and market position in the field of optics and optoelectronics,” it said.

Ofilm nearly tripled its revenue annually in 2019 to CNY141 million (USD20 million), while revenue slid 8.36 percent to CNY9.8 billion. The 2002-founded firm mostly makes camera and fingerprint modules and touch panels for consumer tech and intelligent vehicles.

Editor: James Boynton