Instead of using the money it raised from the IPO to expand, though, it lent the $110 million to other Chinese state enterprises and then watched many of those loans go south.
It raised money from the IPO.
mnli hypothesis: It raised money from the IPO. premise: Instead of using the money it raised from the IPO to expand, though, it lent the $110 million to other Chinese state enterprises and then watched many of those loans go south.