Golden Power (HKG:3919) completed a subscription of 6.5 million new shares to raise net proceeds of about HK$7.7 million, according to a Tuesday Hong Kong bourse filing.

Shares of the battery maker fell more than 8% in late morning trade on Wednesday.

The shares were issued at HK$1.20 apiece, the filing said.

The company said the proceeds will be used to develop specialty battery technologies and artificial intelligence production facilities, repay bank facilities due within six months, and for general working capital.