Asia
China Wacan Completes HK$44 Million Share Subscription
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.
HKG:1920