JNBY Design (HKG:3306) agreed to place 14.5 million new shares at HK$18.78 each under its general mandate, raising about HK$270 million in net proceeds, according to a Friday Hong Kong bourse filing.

The shares will be placed with no fewer than six independent professional or institutional investors, the company said.

The placing price represents a discount of about 9% to the stock's last closing price, and a discount of about 6.5% to the average closing price over the previous five trading days.

The new shares represent about 2.8% of JNBY's existing issued share capital and about 2.7% of the enlarged share capital following completion of the placing.

JNBY said the net proceeds will be used to strengthen brand development, increase investment in research and development, enhance overall market competitiveness, and for general corporate purposes.