SUNAC expands share base by 2.28% in May through MCB conversion

Bulletin Express06-02

Sunac China Holdings Limited issued 380.82 million new ordinary shares in May 2026, lifting total issued share capital to 17.06 billion shares. The increase, equal to 2.28% of the share base at end-April, stemmed entirely from the partial conversion of the zero-coupon mandatory convertible bonds due 2026 (“MCB 1”).

MCB 1 outstandings fell by USD 0.33 billion to USD 2.63 billion after the conversion at HKD 6.80 per share. Post-transaction, a further 3.02 billion shares remain issuable under MCB 1, while the zero-coupon mandatory convertible bonds due 2028 (“MCB 2”) are unchanged at USD 2.40 billion with a remaining conversion capacity of 4.86 billion shares at HKD 3.85 per share. In total, 7.88 billion shares could still be created if the two bond tranches convert in full.

Authorised share capital stayed constant at 30 billion ordinary shares with a par value of HKD 0.10, representing HKD 3.00 billion in registered capital. Sunac reported no treasury shares, and the Hong Kong Exchange’s minimum 25% public-float requirement was met throughout the period.

The conversions arise from the restructuring scheme approved on 9 September 2025 and implemented on 23 December 2025, when both MCB 1 and MCB 2 were issued to scheme creditors.

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