361 Degrees International (HKG:1361) is looking to raise HK$618 million via top-up placement, according to a Hong Kong bourse filing Tuesday.

Ming Rong International, a shareholder, plans to sell up to 100 million shares in the company to new investors at HK$6.18 apiece.

The sportswear maker will then issue new shares to Ming Rong, which agreed to subscribe for the exact number of shares it would sell at the same price.

Upon completion of the deals, Ming Rong's stake in 361 Degrees will fall to 15.11% from 15.85%.

361 Degrees said deal proceeds will be used to expand its presence in overseas markets and beef up working capital.