STOCKS | Hang Fu Holdings Places 179 Million New Shares at HK$0.165 Each

Garment manufacturer and trader Hang Fu Holdings (0643) has finalized a placement of more than 179 million new shares at HK$0.165 each, raising gross proceeds of about HK$29.6949 million and net proceeds of about HK$29 million, according to Ming Pao. The placement price was flat versus the day’s closing price. Hang Fu said it plans to use 45% of the proceeds to expand its subcontracting network and production capacity, 30% to form a joint venture for the “AIPHACAS” platform, with the remainder for general working capital.