Mainland automation system developer Techwayson (Holdings), headed by Sze Kwan, right, hopes to raise up to HK$64.4 million through a new share issue. The issue, consisting solely of 70 million placement shares, had been four times over-subscribed by the end of Tuesday, with non-Asian, primarily European, investors lodging about half of the orders, said market sources. Operating mainly from its Shenzhen office, Techwayson is one of three domestic companies with their own brand-named automation systems in a market 99 per cent dominated by Western engineering giants. Its debut on the Growth Enterprise Market has been set for February 8. Techwayson and the new issue's lead manager, JS Cresvale, had agreed to a price range of 62 to 92 HK cents per share - a PE ratio of up to 6.05 times. The final offer price is due to be determined today. The company yesterday said Techwayson could expect to net HK$40 million from the share issue based on the price of 77 HK cents - the mid-point of the price range. An informed source said similar issues internationally had been priced at least 14 to 15 times higher than the upper end of the Techwayson price range. The issue prospectus said net proceeds from the issue would sustain the company's planned research and development activities as well as geographical expansion through the end of the year and its sales and marketing campaigns up to June 30. The firm would supplement its stock market receipts with internal resources but would consider borrowing and further fund raising on the international capital and debt markets.