New Concepts (HKG:2221) said it agreed to sell around HK$31 million worth of shares to five investors, according to a Hong Kong bourse filing Thursday.
Shares of the environmental protection company gained nearly 37% in morning trade Friday.
The company plans to sell 20,570,000 shares priced at HK$1.50 each to raise funds for repaying amounts owed by the firm.
The shares represent around 11.26% of the company's issued share capital, and 10.12% on an enlarged basis.
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