Tesson (HKG:1201) agreed to sell HK$25 million worth of shares to five investors, according to a Hong Kong bourse filing Thursday.

Shares of the lithium-ion power battery company gained nearly 4% in late morning trade Friday.

The company will issue 50 million shares to the investors at HK$0.50 apiece, representing 15.64% of the company's issued share capital and 13.53% as enlarged by the sale.

Funds raised will be used to "explore new opportunities," the company said.

Meanwhile, the company said it appointed Li Jingquan as its new chief executive.