Chuanglian (HKG:2371) said it extended the long stop date of a previously announced share sale to March 31, according to a Hong Kong bourse filing Monday.

The firm had agreed to sell around 78.9 million shares and 15.8 million shares to two subscribers at HK$0.38 apiece, respectively, to raise around HK$36 million.

The 94.7 million shares to be issued would represent 12.3% of the company's enlarged share capital.

The funds to be raised will primarily be applied to the group's financial service business segment.

Shares of the company fell over 10% in morning trade.