XXF (HKG:2473) completed the placing of 154.7 million shares and a top-up subscription to raise net proceeds of about HK$126 million, according to a Tuesday Hong Kong bourse filing.

Shares of the automobile finance lease firm were up over 1% in Wednesday morning trade.

The shares were placed to not fewer than six investors at HK$0.82 apiece.

The company said the proceeds will be used to procure vehicles for its automobile retail and finance business, including new energy vehicle models, as well as support its outright car sales business and overseas expansion.