SHANGHAI, Apr. 21 (SMM) – Anhui Xinke New Materials Co. will build a plant to make 10,000-tpy precision copper strips applied in automobile connectors and electronics to meet demand from high-end users.

Xinke will raise 126.32 million yuan ($20 million) for fixed asset investment and will need another 185.50 million yuan for working capital,129.85 million yuan of which is expected to come from short-term bank loans, the company told Shanghai Stock Exchange today.

Once fully operational, the project is expected to create 728 million yuan in operating revenue and a net profit of 62.65 million yuan each year, Xinke said.

The project will be technically supported by Xin Furukawa Metal (Wuxi) Co. – a joint venture between Xinke , holding 60% interest, and Furukawa Electric Co., it said.