Financial Wire

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.

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