Financial Web-site operator Quamnet.com moved closer to its back-door listing as leather goods manufacturer Wah Fu International Holdings raised HK$216 million in a share placement to facilitate the reverse takeover. Wah Fu issued 1.2 billion shares at 18 HK cents each to strategic shareholders with the placement being 2.5 times oversubscribed, according to sources. The shares last traded on Friday at 31.5 HK cents. The company is expected to next make an offer for the assets of Quamnet.com mostly through shares for less than HK$300 million, according to sources. Quamnet.com is expected to accept the offer which will allow it to trade as listed company. The process is expected to take a few more weeks as the companies negotiate, but Quamnet.com hopes the listed entity will have about HK$300 million cash on hand, says chief executive officer Man Chin . Quamnet.com is undertaking the backdoor listing after it scrapped an IPO on the Growth Enterprise Market earlier this month after prices in the sector slumped. It wants a listed vehicle to enable it to merge and acquire other financial portals through share swaps. Wah Fu's share placement was done by APC Capital.