CF PharmTech's (HKG:2652) board has approved a plan to convert 107.4 million domestic unlisted shares, representing about 26.1% of its issued share capital, into H shares, according to a Tuesday Hong Kong bourse filing.

Shares of the inhalation drug developer were down nearly 2% in Wednesday morning trade.

The company will apply to the China Securities Regulatory Commission under the H-share full-circulation scheme.

After completing required approvals and regulatory procedures, the converted shares will be listed and traded in Hong Kong.