China-based fabric processor Huafeng Textile International has secured HK$250 million ($32.14 million) in a round of funding to secure the further expansion of the company. The company is already in the process of acquiring a dyeing plant valued at HK$85 million and the construction of a new knitting plant.

"The new funds will allow us to add breadth and depth to our service offerings. Our primary objective is to utilize these funds to aggressively expand our operation," said chairman Cai. "Our goal this year is to boost sales and earnings by entering into new markets, launching a series of new products and further enhancing our production technologies. With an ever- increasing pipeline of new and existing customers in place and solid strategies for expansion underway, we are very optimistic about the company's future."

Established in Fujian Province in 1988, Huafeng has rapidly grown to be

a sizeable fabrics processor providing services from fabrics bleaching and dyeing to setting and finishing. It is the largest fabric processor in Shishi City, Fujian province in China with an annual processing capacity of 91,000 tonnes of fabrics.

Apart from its fabric processing services, Huafeng has also ventured into cotton yarn spinning and has two major yarn spinning operations with an annual production capacity of 21,000 tonnes.