51 Credit Card (HKG:2051) raised HK$38.73 million in net proceeds from the placement of 271.66 million new shares at HK$0.146 apiece to at least six investors, a Wednesday bourse filing said.

The shares represent nearly 17% of the financial services company's enlarged issued share capital.

The firm will use proceeds from the issue to strengthen its existing credit facilitation and SaaS businesses, develop and expand its vehicle business, and replenish its working capital.

Shares of the company closed over 4% lower on Thursday.