Jiangsu Guofu Hydrogen Energy Equipment (HKG:2582) agreed to place up to 4.91 million new Hong Kong-listed shares at HK$31.07 each, with net proceeds expected to be about HK$148.5 million, according to a Wednesday Hong Kong bourse filing.

The placing price represents a discount of about 12.3% to the last closing price and an 11.6% discount to the five-day average.

The hydrogen energy equipment provider plans to use about 70% of the net proceeds for working capital and general corporate purposes, with the remaining 30% for repayment of outstanding credit facilities.

The placing shares will represent about 4.03% of the company's existing issued share capital and about 3.88% of the enlarged share base after completion.