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Advanced materials group Versarien confirmed that it had been approached by a potential Chinese investor, but had rejected its offer.
The company noted that chief executive Neill Ricketts had posted a message to Twitter on Thursday, stating that the Chinese group was interested in up to 29.9% of the company.
'The company can confirm it previously received a proposal from an investor that cited interest to subscribe for shares up to that amount,' Versarian said.
'But this was rejected and the board determined that the terms with Beijing Institute of Graphene Technology provided the best opportunity.'
Versarian is currently bedding down an agreement with Beijing Institute of Graphene Technology, which would see the Chinese company take a 15% stake in the business.
At 9:30am: (LON:VRS) Versarien PLC share price was +3.5p at 122.5p