Cloud Factory Technology (HKG:2512) completed the sale of 46 million shares to two subscribers at HK$4.98 apiece to raise HK$228 million in net proceeds, a Monday Hong Kong bourse filing said.

The cloud services provider will use proceeds from the issue to develop and expand its business, as well as for strategic investments in potential expansion opportunities, attracting talent, working capital replenishment, and for general corporate purposes.

Shares of the cloud computing firm gained over 6% in afternoon trade Tuesday.