Oct 12, 2006. /Lesprom Network/. Mudanjiang Hengfeng Paper Co Ltd's shareholders approved a proposal to take in a foreign strategic partner via a private placement, XFN-ASIA reported. The company said it will issue up to 60 million additional A-shares to Steel Partners, a US hedge fund and other institutional investors. The company said in June that it plans to raise funds via private placement to no more than ten institutional investors in order to expand production capacity with an investment of about CNY 471.3 million ($59.6 million).