Xtep International Holdings (HKG:1368) raised net proceeds pf about HK$985 million by issuing 90,909,000 new shares to Group Success Investments at HK$5.50 and by issuing HK$500 million 1.5% convertible bonds due in 2026, a Thursday bourse filing said.

The issued shares, representing 3.28% of the company's enlarged issued share capital, raised HK$493 in net proceeds for the company while the bonds yielded HK$492 million in net proceeds.

The bonds can be converted into up to 79,051,383 new shares of the company upon full conversion, representing 2.86% of the enlarged issued share capital of the company.

The sports equipment company plans to use the proceeds for business development and working capital.