iMotion Automotive Technology (Suzhou) (HKG:1274) said it completed the sale of nearly 15.5 million shares to raise HK$230.7 million in net proceeds, according to a Hong Kong bourse filing Monday.

Shares of the tech firm fell nearly 4% in morning trade Tuesday.

The stocks, which represent 6.02% of the company's enlarged share capital, were sold at HK$15.22 apiece.

Funds raised will primarily be used for research and development activities, iMotion said.