Guan Chao (HKG:1872) is looking to raise net proceeds of up to about HK$478.1 million from the placement of a maximum of 112.3 million shares to at least six investors at HK$4.30 apiece, a Friday Hong Kong bourse filing said.

The shares represent around 16.67% of the vehicle importer's enlarged issued share capital.

The firm will use proceeds from the placement to develop production lines and procure facilities for manufacturing materials, potentially invest in AIMI Investments, develop its new hair growth product business, enhance working capital, and for marketing initiatives.