Weilong Delicious (HKG:9985) controlling shareholder HH Global Capital will sell up to 80 million shares to not less than six investors at HK$14.72 apiece under a placement deal, according to a Thursday filing with the Hong Kong bourse.

The shares will be sold through placement agent UBS Hong Kong.

Weilong Delicious will then issue up to 80 million top-up shares to HH Global Capital, equivalent to 3.29% of Weilong's shares as enlarged by the allotment and issuance, the filing said.

Net proceeds from the transaction, seen to be at HK$1.17 billion, will be used to boost the food company's production facilities and supply chain system, expand their sales network, enhance marketing, and for general corporate purposes.