Nantong, Jiangsu – Chinese Mattress maker Mlily, also known as Healthcare Co., announced a revised plan in April to raise up to CNY693m ($98m) through a private share placement.
Capital raised by the share placement will be used for its US plant and the third phase of its plant in Serbia. The funding plan was first disclosed in December 2018 and initially aimed to raise up to CNY800m.
The plan was paused for regulatory approval because of Mlily’s earlier acquisitions, but it has now resumed, the company told UTECH-polyurethane.com. The coronavirus pandemic has little impact on the plan, it said.
Mlily inaugurated its US plant in Winnsboro, South Carolina in December 2019; and the plant has been operating. The Serbia project’s phase three is also in the pipeline.
In 2018 Mlily reported CNY2.5bn overseas sales, this was up by nearly a third from 2017. Overseas sales accounted for at least 82% of Mlily’s total revenue each year since its listing in 2016.
Mattress maker Mlily renews fundraising plan for overseas plants
