Cloud Factory Technology (HKG:2512) agreed to issue a total of nearly 46 million shares to two subscribers at HK$4.98 apiece to raise net proceeds of HK$228 million, a Friday Hong Kong bourse filing said.

The cloud services provider will use proceeds from the issue to develop and expand its business, as well as for strategic investments in potential expansion opportunities, attracting talent, working capital replenishment, and general corporate purposes.

Both subscribers are limited partnerships formed in China and engage mainly in equity investment and investment activities using their own funds.