Hbis Co. Ltd., or Hesteel, said March 12 that it plans to raise up to 8 billion Chinese yuan through a share placement.

The company said it will use the proceeds raised from the placement of up to 3,185,582,355 shares to refinance debt. The price per share will be determined by the trading price of the company's shares 20 days before the issuance.

In a separate, same-day filing, the company said it plans to spend 500 million yuan to 1 billion yuan to buy back up to 201,612,903 shares at a maximum of 4.96 yuan apiece.

Hesteel said the repurchase program aims to maintain the value of the company and the rights of its shareholders.

As of March 11, US$1 was equivalent to 6.73 Chinese yuan.