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.
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