Sinohope Technology (HKG:1611) completed the sale of 166 million new shares to five subscribers to raise net proceeds of HK$274.6 million, a Friday Hong Kong bourse filing said.

Shares of the technology solution service provider were down 5% in Monday afternoon trading.

The shares, representing 22.08% of Sinohope's enlarged issued share capital, were issued to Avenir Investment, LINEX, TX Capital, Night Wood, and Rosen, at HK$1.66 each.

The firm will use proceeds from the issue for its growth and expansion, repayment of debt, and general working capital.