China Hong Kong Energy (00931) said it has entered into a subscription agreement with private investor Wei Haifeng to issue 100 million new shares at HK$0.29 each, raising HK$29 million, according to ETNet.

The issue price represents a discount of about 7.9% to the stock's close of HK$0.315 on the previous day. The new shares will account for about 1.2% of the enlarged share capital, and Wei had no prior stake in the company. China Hong Kong Energy said net proceeds will be used for general working capital.