Huakang Biomedical Holdings Co. Ltd. plans to increase the size of its public offering of shares from 10 million to 100 million after the initial offering was oversubscribed.

The Hong Kong-based healthcare company has fixed the offering price at 50 Hong Kong cents per share and expects to raise HK$16.6 million in net proceeds.

Huakang Biomedical will use the proceeds to develop new products, improve existing ones and to fund its working capital. The company plans to start a supplementary reproductive business while expanding its sales network and marketing activities with the funds available.

RHB Capital Hong Kong Ltd. is the sole sponsor for the offering while Lead Securities Hong Kong Ltd. and Ever-Long Securities Co. Ltd. acted as joint book runners.

Huakang Biomedical develops medical devices used for diagnostic and monitoring purposes for sale in China.