China Ruyi (HKG:0136) agreed to issue 1.3 billion new shares at HK$3.00 each to Infini Capital, raising net proceeds of about HK$3.90 billion, according to a Friday Hong Kong bourse filing.

The subscription price represents a 4.5% discount to the last closing price and a 7.2% discount to the five-day average, and will be issued in three tranches under the general mandate.

The new shares represent about 7.51% of China Ruyi's enlarged share capital.

Proceeds will be used for strategic investments and acquisitions, business expansion, and general working capital, including advertising, staff costs, and development fees.