iMotion Automotive Technology (Suzhou) (HKG:1274) said it completed the sale of nearly 15.5 million shares to raise HK$230.7 million in net proceeds, according to a Hong Kong bourse filing Monday.
Shares of the tech firm fell nearly 4% in morning trade Tuesday.
The stocks, which represent 6.02% of the company's enlarged share capital, were sold at HK$15.22 apiece.
Funds raised will primarily be used for research and development activities, iMotion said.
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