Legend Holdings completes US$2.00 billion zero-coupon CB issue via Lenovo; cancels US$225.00 million of 2029 notes

Bulletin Express06-25

Legend Holdings Corporation announced that subsidiary Lenovo Group has closed the issuance of zero-coupon convertible bonds maturing in 2033 with an aggregate principal amount of US$2.00 billion. All conditions in the bond subscription agreement were satisfied, and completion took place on 25 June 2026. The conversion shares for the new bonds have secured listing approval from The Stock Exchange of Hong Kong, and the instruments are expected to begin trading on the Vienna MTF on or about 26 June 2026.

In conjunction with the new offering, Lenovo finalised a concurrent repurchase of its outstanding 2.50% convertible bonds due 2029. Approximately US$225.00 million in principal was repurchased and will be cancelled, reducing the outstanding balance of the 2029 notes to about US$450.00 million. Lenovo retains the flexibility to acquire the remaining notes in the open market or otherwise, in line with their terms.

Legend Holdings reiterated Lenovo’s plan, subject to a share buy-back mandate, to conduct open-market repurchases of its own shares to offset dilution from the new convertible bonds without triggering a general offer obligation under Hong Kong’s Takeovers Code.

The board of Legend Holdings is chaired by Ning Min, with the announcement dated 25 June 2026.

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