Vinegar maker to raise $98m for M & As

Vinegar beverage maker Tiandi No 1, a newly listed company on the New Third Board, is planning to raise 625 million yuan ($98 million) by issuing an additional 25 million shares to 35 new investors at 25 yuan a share.

Prior to this, the company had 410 million shares in circulation at the National Equities Exchange and Quotations, China's over-the-counter market, also known as the New Third Board.

Consequent to the new issue, the total market value of the Guangdong-based company will reach 10.875 billion yuan.