Da Yu Financial Holdings (HKG:1073) said its one-for-two rights issue was oversubscribed, with valid acceptances and applications received for about 1.27 billion shares, representing 111.4% of the 1.14 billion shares offered, according to a Monday Hong Kong bourse filing.

Shares of the firm were up 9% at midday on Tuesday in Hong Kong.

In July, Da Yu said it was seeking to raise up to HK$136.7 million through the rights issue of nearly 1.14 billion shares at HK$0.12 apiece.

The company plans to allocate HK$116 million to its margin financing business and HK$20 million to working capital.

After completion, First Steamship and Executive Director Xu Haohao each hold about 29.9% of the company, while the public stake has risen to 33.4%.