Haichang Ocean Park (HKG:2255) has completed a HK$2.28 billion share subscription, marking a major shift in ownership and leadership at the marine theme park operator, according to a Hong Kong stock exchange filing on Oct. 17.

Shares of the firm were down over 3% in Monday morning trade.

The company issued 5.1 billion new shares at HK$0.45 apiece under a specific mandate, representing about 62.9% of its pre-deal share capital.

The shares were taken up by a Sunriver Group-backed entity, which now holds a 38.6% stake in the enlarged capital.

Haichang said proceeds will go toward working capital, support the expansion of core operations and intellectual property projects, and repay debt, including bank loans.

Following completion, founder Qu Naijie resigned as chairman and chief executive and was redesignated as a non-executive director.

Sunriver owner Yu Faxiang was appointed chairman and CEO, leading a reconstituted board that includes several Sunriver executives.

Haichang said the capital injection and new leadership are expected to stabilize operations and accelerate the development of its theme park and cultural tourism businesses.