Cryofocus Medtech (Shanghai) (HKG:6922) said it agreed to sell around HK$40 million worth of shares to two investors, according to a Hong Kong bourse filing Monday.

The medical device company is selling 7.5 million H shares at HK$5.36 apiece to the investors.

The shares represent 5.20% of the company's issued H shares and around 3.12% of its total issued shares, and 4.94% and 3.03% as enlarged by the sale, respectively.

The firm will use the proceeds to advance research and development of its medical devices and to expand its business overseas.