MicroPort Scientific Corporation (MicroPort) has filed its Monthly Return for the period ended 30 June 2026, showing only a token increase in issued capital but a sizeable pool of outstanding equity-linked instruments that could expand the share base by more than 23% if fully exercised or converted. Key take-aways are as follows:
1. Issued Share Capital • Authorised share capital remained unchanged at 5.00 billion ordinary shares (par value USD 0.00001), equivalent to USD 50,000. • A modest 7,000 new shares were issued in June via option exercise, lifting total issued shares (ex-treasury) to 1.917 billion. No treasury shares were held. • The public-float level continues to meet the Main Board’s minimum 25% requirement.
2. Share-Based Incentives • Three active schemes collectively carried 141.05 million outstanding options at month-end, equal to 7.35% of current issued shares. – 2010 Scheme: 41.21 million options, unchanged. – 2020 Scheme: 64.00 million options after 50,000 cancellations. – 2023 Share Scheme: 35.83 million options after 7,000 options were exercised, generating HKD 0.05 million in proceeds. • A further 112.68 million shares remain available for future grants under existing schemes, while the 2023 Share Scheme allows for up to an additional 144.93 million grants, underscoring continued use of equity incentives.
3. Convertible Instruments • USD 220.00 million 5.75% Convertible Bonds due 2028 are outstanding, convertible into 134.54 million shares at HKD 12.779 each. • A USD 158.50 million 5.75% Convertible Loan (facility up to USD 200 million) remains fully outstanding, convertible into 166.33 million shares at HKD 7.46 each. • No conversions occurred during June. Combined, the two instruments could add 300.87 million shares to the register.
4. Potential Dilution Snapshot • Aggregate potential issuance from outstanding options (141.05 million shares) and convertible instruments (300.87 million shares) totals 441.91 million shares. • Full exercise/ conversion would raise the share count to approximately 2.36 billion, implying potential dilution of about 23.05% versus the current base.
MicroPort’s subdued primary issuance in June contrasts with the substantial latent equity represented by its option pools and outstanding convertibles, which remain a key variable for future share-capital dynamics.
Comments