Junwea Group (China) (HKG:1920) agreed to place up to 74.9 million shares to raise net proceeds of HK$32 million, according to a Monday Hong Kong bourse filing.
Shares of the construction company were up 30% in Tuesday afternoon trading.
The shares, representing around 12.74% of the company's enlarged issued share capital, will be placed to at least six investors at HK$0.434 apiece.
The company intends to use proceeds for the potential award of new wet-trade projects and working capital.
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