China Carbon Neutral Development Group (HKG:1372) completed a HK$48 million share offering, according to a Monday Hong Kong bourse filing.

The carbon-credit trading company sold 32 million shares at HK$1.50 apiece to raise funds for working capital.

The shares represent 4.74% of the firm's issued share capital as enlarged by the sale.

Meanwhile, the firm said its substantial shareholder Sha Tao purchased a total of 3.9 million shares of the company from the open market.

The shares were bought at an average price of HK$1.20 apiece and represent a total of 0.58% of the firm's issued share capital.

The purchase boosted Sha's holdings to 23.77% of the business, the company said.