It is reported that Zhejiang Jinlihua Electric a maker of glass insulators used in power transmission lines plans to use CNY 30 million of the excess funds raised from its initial public offering to repay bank loans.

Another CNY 10 million of the excess funds will be used to replenish working capital.

The company said the repayment of bank loans ahead of schedule will help to cut its financial expenditure by CNY 1.54 million. After the repayment of bank loans and the replenishment of working capital, the company will have CNY 147 million of excess funds remaining.

(Sourced from p5w.net)