TOMO (HKG:6928) completed the subscription of 90 million new shares under a general mandate, according to an April 10 Hong Kong bourse filing.

Shares of the firm surged nearly 21% in late morning trade on Monday.

The shares were issued at HK$0.1748 each, raising net proceeds of about HK$15.5 million.

Net proceeds will be used for working capital, including supporting the group's expansion into China's automotive parts trading market and funding inventory purchases for new supply agreements.