Litian Pictures (HKG:9958) completed placing 60 million shares to at least six places at HK$0.10 apiece on Tuesday, raising net proceeds of nearly HK$5.8 million, a same-day filing with the Hong Kong bourse said.

The shares represent 16.67% of the film production company's enlarged issued share capital.

The firm will use proceeds from the placement for general working capital.

Lee Tin Sek, Joseph, who subscribed for 46 million shares in the company, representing 12.78% of its shared capital, became a substantial shareholder following completion.