Fangzhou (HKG:6086) said it completed a HK$150 million top-up placement, according to a Hong Kong bourse filing Monday.

Shares of the online chronic disease management platform gained over 16% in morning trade Tuesday.

Celaeno Group, the firm's controlling shareholder, sold its 45.2 million shares in Fangzhou at HK$3.32 apiece. Fangzhou then issued new shares to Celaeno, which agreed to subscribe for the equivalent number of shares it sold at the same price.

Fangzhou previously said about 90% of the net proceeds will be used to accelerate development of its AI-driven chronic disease management platform, with the remaining 10% allocated to working capital and general corporate purposes.