HG Semiconductor (HKG:6908) is looking to raise HK$90.1 million from the issue of 187,763,696 rights shares on a one-for-four basis, a Tuesday Hong Kong bourse filing said.
The rights shares, which will be issued at HK$0.48 apiece, represent 20% of the company's enlarged issued share capital.
The firm will use proceeds from the issue to strengthen the R&D capabilities of LED, mini LED, GaN devices, and related semiconductor products, as well as for general working capital.
The semiconductor manufacturer also agreed to place the unsubscribed and unsold rights shares through Kingkey Securities Group.
Shares of the company were down over 9% in recent trade.
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