China Wacan (HKG:1920) completed the subscription of 112.3 million new shares under a specific mandate, according to a Tuesday Hong Kong bourse filing.
The shares were issued at HK$0.3965 each, raising about HK$44.5 million.
The shares represent about 23.1% of the company's enlarged issued share capital.
China Alliance Venture Technology, wholly owned by Chairman Zhou Zhenlin, increased its stake to about 64% from 53.2% following completion.
Net proceeds will be used for working capital and to support the expansion of the company's beauty and healthcare business.
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