Stock Track | Chow Tai Fook Plummets 7.15% as Convertible Bond Conversion Price Lowered

Stock Track11-26

Chow Tai Fook Jewellery (HKG:1929) saw its shares plummet 7.15% during Wednesday's trading session, following an announcement regarding the adjustment of its convertible bond conversion price. The Hong Kong-based jewelry giant revealed that the conversion price of its HK$8.8 billion convertible bonds due 2030 will be lowered to HK$16.66 per share from the previous HK$16.91.

The adjustment, set to take effect on December 18, was triggered by the company's declaration of a HK$0.22 per-share interim dividend. This change in conversion price has significant implications for the company's share structure. After the adjustment, the maximum number of shares that could be issued upon full conversion of the bonds will increase by approximately 7.8 million to about 528.2 million shares.

Investors reacted negatively to this news, likely due to concerns about potential share dilution. The additional shares represent 5.35% of the current issued share capital, or 5.08% on an enlarged basis. This adjustment not only affects the company's capital structure but also impacts existing shareholders' ownership percentages, contributing to the sharp decline in stock price during the trading session.

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