TANWAN (09890) announced on December 18, 2025, that the company, along with the placement agent and the subscriber (LMR Multi-Strategy Master Fund Limited), entered into an agreement for the subscription of convertible bonds with a total principal amount of HKD 468 million, subject to the terms and conditions of the agreement.
Assuming the convertible bonds are converted at the initial conversion price of HKD 23.50 per share, they can be converted into 19.9148 million new shares. The conversion shares represent approximately 3.79% of the company's existing issued share capital (excluding treasury shares). The initial conversion price of HKD 23.50 per share represents a premium of about 38.24% over the closing price of HKD 17.00 per share on the last trading day prior to the agreement date on the Hong Kong Stock Exchange.
TANWAN will apply for the listing of the convertible bonds on the Vienna MTF operated by the Vienna Stock Exchange. The company will also seek approval from the Listing Committee of the Hong Kong Stock Exchange for the listing and trading of the conversion shares that may be issued upon conversion of the bonds. Additionally, TANWAN will comply with the rules of the China Securities Regulatory Commission (CSRC) and complete the filing process for the issuance of the convertible bonds.
The gross proceeds from the issuance will be HKD 468 million, with net proceeds estimated at approximately HKD 458.6 million. The group intends to allocate all net proceeds to investments in AI-related businesses and equity investments in AI-related industries, accelerating its strategic expansion in the "AI + gaming" sector, subject to applicable listing rules.
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