China New Economy Fund (HKG:0080) raised net proceeds of HK$230.1 million from its recently concluded rights issue, a Tuesday Hong Kong bourse filing said.

Shares of the securities investor were up over 1% in Wednesday afternoon trading.

The firm received a total of 14 valid applications for over 1.21 billion rights shares, representing 183% of the total number of 659.9 million rights shares allocated for the deal.

The rights issue was oversubscribed by 550.3 million rights shares, representing 83.4% of the maximum right shares under the deal.

Taking into consideration the valid acceptances of provisional allotments under the PALs in respect of 600.1 million rights shares, 59.8 million shares were available for subscription under the EAFs.

These shares were allocated fairly to applicants for the excess rights shares under the EAFs.

Dealings in the rights shares are expected to begin Thursday, Nov. 13.