Jiangsu Eastern Shenghong Co., Ltd. (SZSE:000301) said it plans to buy Jiangsu Sierbang Petrochemical Co Ltd. for CNY 14.4 billion ($2.22 billion) via cash, share issue. The company said it aims to raise up to CNY 4.1 billion in private placement of shares to fund the acquisition, boost Co.'s capital and repay debts.