Zhengwei Group Holdings (HKG:2147) proposed a non-underwritten 6-for-1 rights issue of up to 403.2 million shares at HK$0.40 each.

The company expects to raise net proceeds of about HK$160.4 million through the rights issue, according to a Thursday Hong Kong bourse filing. Net proceeds will be used to pay advertising fees and staff salaries.

The record date for the issue is Sept. 17.