Guan Chao (HKG:1872) has reduced the number of shares being offered under a placement agreement to 90,195,000 from 112,300,000 previously, a Tuesday Hong Kong bourse filing said.

The revised shares represent 13.84% of the vehicle importer's enlarged issued share capital.

The firm will use proceeds from the issue to support production line development and the procurement of essential facilities; a possible investment in the AIMI Group; the development of newly established businesses; mergers, acquisitions, and investments; marketing initiatives; and working capital.