Hong Kong ChaoShang Group to Sell 660 Million Shares Under Placement Deal

Hong Kong ChaoShang Group (HKG:2322) plans to sell up to 660 million shares at HK$0.75 apiece under a share placement mandate, according to a Wednesday filing with the Hong Kong Stock Exchange.

The placement shares will comprise 13.81% of the entire shareholding of the company as enlarged by the offering.

Net proceeds, estimated at HK$479.9 million, will be used to improve its financial services, fund business developments, and supply working capital, the filing said.

Shares closed 11% higher on Thursday.

Price (HKD): $1.00, Change: $+0.10, Percent Change: +11.11%