Shareate Tools (SHA:688257) has adjusted downward the allocation of proceeds from its private share placement following a shortfall in raised funds, according to a Tuesday filing with the Shanghai bourse.

The tool manufacturer reduced its allocation for working capital to 280.3 million yuan from the originally planned 288 million yuan.

The company raised 1.23 billion yuan in net proceeds from the share issuance, falling roughly 7.7 million yuan short of its initial 1.24 billion yuan target.

Shareate Tools' shares rose nearly 2% during afternoon trading on Tuesday.