China Wacan Group (HKG:1920) completed the placement of a total of 62.4 million shares to at least six investors at HK$0.241 apiece, raising net proceeds of HK$14.1 million, a Tuesday Hong Kong bourse filing said.

The shares represent around 16.67% of the construction company's enlarged issued share capital.

The firm will use proceeds from the placement to start a new beauty business involving setting up around eight physical stores in China, renovate a new office, and boost working capital.