China Next-Gen Commerce and Supply Chain (HKG:3928) agreed to place up to 16 million shares to at least six investors at HK$8.88 apiece to raise net proceeds of HK$140.8 million, according to a Tuesday Hong Kong bourse filing.

The shares represent approximately 3.23% of the construction services company's enlarged issued share capital.

The firm will use proceeds for general working capital, as well as the repayment of debt.