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Huisheng International to Raise HK$5 Million via Share Subscription; Shares Jump 9%

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Huisheng International Holdings (HKG:1340) plans to issue 11 million new shares at HK$0.48 each to two independent third-party subscribers, according to a Tuesday filing with the Hong Kong bourse.

The shares represent 7.95% of the company's existing share capital and 7.36% of the enlarged share capital upon completion. The subscription price is in line with the Sept. 15 closing price.

The company expects net proceeds of about HK$5.10 million, which will be used as general working capital, including repayment of indebtedness.

Shares of the firm were up over 9% in Wednesday morning trade.

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