Litian Pictures (HKG:9958) said it plans to place up to 68 million new shares at HK$0.156 apiece under its general mandate, raising net proceeds of about HK$10.3 million, according to an April 10 Hong Kong bourse filing.
Shares of the film production company were down nearly 4% in late morning trade on Monday.
The placing shares represent about 15.7% of the company's existing issued share capital.
The placing price represents a discount of about 15% to the stock's last close and nearly 16.8% to the five-day average price, the filing said.
Litian Pictures said net proceeds will be used for general working capital.
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