Value Convergence (HKG:0821) raised net proceeds of HK$34.7 million from its recently concluded rights issue, a Tuesday Hong Kong bourse filing said.

Shares of the financial firm were down 2% in Wednesday afternoon trading.

The move came after 33.2 million of the unsubscribed rights shares under the deal were placed to at least six investors at HK$0.45 on Nov. 7.

Together with the acceptances for 48.8 million rights shares initially received for the rights issue, a total of over 81.9 million shares were issued by the firm.

The shares represent nearly 17% of the 494.7 million rights shares originally available under the deal.

The firm will use proceeds from the issue for rental expenses; staff costs; professional fees; office, administration, and interest expenses; and other operating expenses.