China Ruyi (HKG:0136) further amended its planned share issuance to Infini Global Master Fund, lowering the number of shares it would issue by half from 800 million to 400 million, according to a Hong Kong bourse filing Sunday.

Shares of the content producer fell by nearly 3% in late morning trade Monday.

The firm had previously lowered the issue from 910 million shares to 800 million shares.

The per-share price of the reduced issue remained at HK$2.6 apiece, while the new allotment represented 2.44% of the company's issued share capital, and 2.38% on an enlarged basis.

China Ruyi said the reduced issue was conditional upon the issue occurring on or before Dec. 19, otherwise Infini Global was liable to pay HK$320 million in damages.

The update follows the completion of the first tranche on Aug. 18, when 390 million new shares were issued at HK$3.00 each.

In August, China Ruyi agreed to issue 1.3 billion shares in total to Infini Capital, raising about HK$3.90 billion in net proceeds.

The company now expects to net HK$2.2 billion from the combined sale of shares.

China Ruyi said it was lowering the number of shares to be issued as its share price has remained below the originally agreed subscription price.