Value Convergence Holdings (HKG:0821) said its two-for-one rights issue was undersubscribed, with shareholders applying for about 48.8 million shares, or 9.9% of the 494.7 million shares available, according to an Oct. 17 Hong Kong bourse filing.

Shares of the firm lost nearly 3% in Monday morning trade.

The offering raised gross proceeds of about HK$22 million.

The remaining 445.9 million unsubscribed shares will be placed with at least six investors at HK$0.45 per share on a best-effort basis between Oct. 20 and Oct. 31.