Shandong Boan Biotechnology (HKG:6955) completed the placing of 38.4 million new shares to at least six investors at HK$10.42 apiece to raise net proceeds of HK$395.6 million, a Wednesday Hong Kong bourse filing said.

The shares represent roughly 6.69% of the biopharmaceutical company's enlarged issued share capital.

The firm will use proceeds from the issue for the R&D of innovative product candidates, commercialization of products, replenishment of its working capital, and general corporate purposes.

Shares of the company were up over 8% in recent trade.