SEEC Media Group's (HKG:0205) recently announced one-for-two rights offering was undersubscribed, attracting nearly 54% of take-ups, according to a bourse filing Wednesday.
Shares fell over 21% in afternoon trade Thursday.
The media company was looking to sell 368,071,365 shares at HK$0.11 each but received a total of six valid acceptances for 197,547,320 shares.
The remaining 170,524,045 rights shares will be offered to independent placees instead, the company said. The results of the offer will be released on June 30.
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