Weimob (HKG:2013) said it cancelled the issue of 172.1 million shares as part of a broader stock offering to raise HK$1.56 billion, according to a Hong Kong bourse filing Thursday.

Shares of the digital commerce firm fell over 1% in late morning trade Friday.

The company cancelled the trance 2b subscription after the subscriber failed to notify the company of the designated investor's identity and failed to issue the completion notice within the prescribed time frame, Weimob said.

The rest of the offering was completed as planned, helping the firm raise HK$1.17 billion.

Tranche 2b was expected to raise the remaining HK$389 million from the offering, and the cancellation will not have any material adverse impact on the company's business, Weimob said.