Scholar Education Group (HKG:1769) completed the issue of 110 million shares to multiple subscribers at HK$2.2 apiece to raise net proceeds of HK$241.3 million, an Oct. 24 Hong Kong bourse filing said.

Shares of the after-school education firm were down nearly 2% in Monday afternoon trading.

The shares represent roughly 16.3% of the company's enlarged issued share capital.

The firm will use proceeds from the issue to boost teaching quality and students' learning experience through recruitments, enrichment of course material, and renovation; potential projects in AI; and replenishment of working capital.