Xinming China (HKG:2699) said its previously disclosed rights offering was under subscribed, according to a Hong Kong bourse filing Friday.

Shares of the property developer rose over 9% in afternoon trade Monday.

The firm was offering 75,144,880 rights shares at HK$1.12 apiece on the basis of four rights shares for every one share held.

Of the total, the company received 8 valid acceptances for 12,884,918 shares, representing 17.15% of the rights offered.

The remaining 62,259,962 will now be offered to independent placees, Xingming said.