Beiqi Foton Motor Co., Ltd says it has raised 1.03 billion Yuan ($151 million) from a share placement. Foton issued 105 million shares to its parent, Beijing Automotive Industry Holding, and four other domestic firms at 9.88 Yuan per share. Proceeds will be used to fund Foton's engine venture with Cummins Inc and upgrade its commercial vehicle production facilities.

Foton, shortened for the Beiqi Foton Motor Co., Ltd., was founded on August 28, 1996. It is a state-owned holding company with different types of ownership and a company listed in the stock exchange market. Its business operation extends in various regions and sectors.