Shanghai MicroPort MedBot (HKG:2252) and controlling shareholder Shanghai Latent Artificial Intelligence plan to sell up to 55.3 million shares.

The surgical robot manufacturer plans to issue 25,136,500 shares to at least six investors under a placing agreement for HK$15.50 apiece, according to a Wednesday filing with the Hong Kong bourse.

Net proceeds, expected at HK$389.6 million, will be used for product commercialization efforts, research and development, and working capital.

Controlling shareholder Shanghai Latent Artificial Intelligence, an indirect subsidiary of MicroPort Scientific (HKG:0853), also intends to sell 30,163,500 shares to investors at HK$15.50 apiece, the filing said.

The 55.3 million shares will comprise 5.36% of the entire shareholding in MicroPort MedBot as enlarged by the sale.

Shares of the surgical robot manufacturer slipped 7% during Wednesday morning trading.