Value Convergence (HKG:0821) is looking to raise gross proceeds of up to HK$222.6 million from a two-for-one rights issue, a Tuesday Hong Kong bourse filing said.

The firm plans to issue up to over 494.7 million rights shares at HK$0.45 apiece.

Assuming full subscription, the shares represent roughly 66.67% of the financial services firm's enlarged issue share capital.

The firm will use the proceeds as general working capital, to repay liabilities, and for possible expansion into the cryptocurrency industry.