Qian Xun Technology (HKG:1640), formerly known as Ruicheng (China) Media Group, raised a little over HK$256.6 million from the placement of convertible bonds to at least six investors on Friday, a same-day filing with the Hong Kong bourse said.

The bonds are fully convertible into 98,703,846 shares at a conversion price of HK$2.60 apiece.

The shares represent approximately 14.98% of the Chinese advertising firm's enlarged issued share capital.

The firm will use proceeds from the issue for the development of a new business including overseas expansion, repayment of bank loans, and general working capital.