GCL Technology Holdings (HKG:3800) received the remaining payment of HK$590 million for the 1.56 billion new shares it placed on Friday, a Monday Hong Kong bourse filing said.

The company had placed the said shares for HK$1.53 billion on Friday, representing 5.48% of its enlarged issued share capital. The company had received HK$940 million on the same day.

As of the filing date, the company has received the total net proceeds of HK$1.53 billion from the placing.

The company intends to use 60% of the proceeds for the development and expansion of the group's solar-related business, while the remaining 40% will be kept for general working capital.