TOMO (HKG:6928) said valid applications were received for about 142.7 million shares, or 63.4% of the 225.0 million offered in its rights issue, according to a Monday Hong Kong bourse filing.

Shares of the auto parts seller surged over 52% in Tuesday's late afternoon trade.

The remaining 82.3 million unsubscribed shares will be subject to compensatory arrangements, with a placing agent appointed to seek independent buyers by Sept. 29.

Any net gain from the placing will be distributed on a pro-rata basis to eligible shareholders, except amounts of HK$100 or less, which the company will retain.