Colour Life Services Group (HKG:1778) is looking to raise gross proceeds of up to HK$61.4 million from a rights issue on the basis of one rights share for every four existing shares, assuming no exercise of vested share options, a Monday bourse filing said.

The property manager will issue a maximum of 371,881,438 rights shares to qualifying shareholders at HK$0.165 apiece under the issue.

The firm will use proceeds from the issue for general working capital, application of AI technology in its community operations and big data construction, development of its community value-added services, and working capital reserve.