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Harbin raises $49.5 million in stock sale

By Associated Press

June 26, 2008

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Harbin Electric Inc. sold 3.5 million shares for $49.5 million, the China-based maker of micro-motors for the automotive sector said Thursday.

Harbin said it sold the shares for $14.13 apiece. The stock closed at $15.45 on Wednesday and traded down 58 cents to $14.87 in late trading Thursday.

Harbin plans to use the money for working capital and general corporate purposes.

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