China Baoli Technologies (HKG:0164) is proposing to issue up to 428,763,076 rights shares on the basis of four rights shares for every existing share at HK$0.40 apiece to raise gross proceeds of up to HK$171.5 million, a Tuesday Hong Kong bourse filing said.

Assuming the full conversion of convertible bonds issued to Chongqing Zifeng Business Partnership and other subscribers, the firm will issue up to 506,363,852 rights shares to raise a little over HK$202.5 million.

The multimedia company has also procured Kingkey Securities Group to place any unsubscribed rights shares to at least six investors, subject to shareholder approval.

The company will use proceeds from the rights issue for the payment of certain outstanding liabilities, its convergence media business, and general working capital.