Cherish Sunshine International (HKG:1094) raised HK$42.2 in net proceeds from the placement of 98,752,000 shares to eight placees at HK$0.433 apiece on Thursday, a same-day filing with the Hong Kong Exchange said.

The IT, trading, rental, energy management, and construction services provider plans to use the proceeds for the development and expansion of group's procurement services and for general working capital.

The company's shares were down nearly 7% in recent trade.

Price (HKD): $0.55, Change: $-0.040, Percent Change: -6.78%