Concord Healthcare (HKG:2453) agreed to place 48.72 million new H shares at HK$5.54 each to no fewer than six institutional or professional investors to raise net proceeds of about HK$258.8 million, according to a Tuesday filing.

The placing price represents a 16.9% discount to the company's last closing price on July 21 and a 19.9% discount to the five-day average closing price.

The new shares represent about 18.38% of Concord's issued H shares and 6.63% of its total issued share capital before the placement.

Proceeds will be used to fund the construction of a Shanghai cancer hospital, support medical AI operations, repay financial institution loans, and supplement general working capital, the filing said.