China Uptown (HKG:2330) looks to raise net proceeds of up to about HK$6.2 million from the placement of a maximum of 61,064,000 shares at HK$0.105 apiece, a Tuesday filing with the Hong Kong bourse said.

The shares represent roughly 16% of the property developer and raw sugar trader's enlarged issued share capital.

The firm will use placement proceeds for general working capital.