Innovative Pharmaceutical Biotech (HKG:0399) said it plans to change its name to Starcoin Group Limited and increase its authorized share capital to HK$1.2 billion, according to a late-Wednesday Hong Kong bourse filing.

Shares of the company were down about 8% in morning trade on Thursday.

The proposed name change, which also includes adopting a new Chinese name, is intended to refresh the company's corporate image and support future business development, the company said.

Separately, it plans to raise its authorized share capital to HK$1.2 billion from HK$500 million by creating 70 billion new shares.

While there are currently no immediate plans to issue new shares, the increase is intended to provide flexibility for future expansion, the filing said.