China's 360 Security to raise up to $1.7 billion in private share placement for tech projects

SINGAPORE (Reuters) - Chinese Internet security firm 360 Security Technology Inc said it plans to raise up to 10.8 billion yuan ($1.69 billion) in a private placement of shares to fund projects in fast-growing areas such as artificial intelligence and big data.

360 Security Technology plans to issue up to 1.35 billion shares to investors such as asset management companies, brokerages and trusts, it said in a filing to the Shanghai stock exchange on Tuesday. The exact pricing has yet to be finalised.

The company plans to use the money raised to fund nine projects in areas such as Internet security, artificial intelligence, big data and online entertainment platforms, it said.

The plan is still pending approval from shareholders and the China Securities Regulatory Commission.

Trading in its shares will resume on Wednesday after a suspension since May 2.

(Reporting by Lee Chyen Yee in SINGAPORE; Editing by Adrian Croft)

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