China Energy Storage Technology Development (HKG:1143) is proposing a two-for-one rights issue to raise gross proceeds of up to around HK$94.2 million, a Dec. 13 bourse filing said.

The electronic manufacturing services company will issue a maximum of 448,578,370 rights shares at HK$0.21 apiece on the basis of two rights shares for every one existing share held by qualifying shareholders.

The firm will use proceeds from the issue to cover procurement costs to suppliers, to acquire rights under an agency distribution agreement, for the R&D of energy storage system technology, and for general working capital.