Tibet Water Resources Ltd. (Stock Code: 1115) Announces Completion of Convertible Bond Placing

Bulletin Express10-17

Tibet Water Resources Ltd. (Stock Code: 1115) has completed the placing of convertible bonds under a general mandate, with an aggregate principal amount of HK$297 million successfully placed to no fewer than six independent placees. All conditions required for the placing have been fulfilled, and the bonds were issued on October 17, 2025.

The company reports net proceeds of approximately HK$295 million from the placement. According to the announcement, 50% of this sum (about HK$147.5 million) is designated for refinancing existing bonds due in December 2025, and the remaining 50% is intended for general working capital. Of the HK$147.5 million allocated to working capital, around HK$65 million will be directed toward raising inventory levels, HK$20 million toward small-scale optimization projects at the water plant, and HK$15 million for major facility maintenance scheduled for winter. Approximately HK$17.5 million will be used for interest payments on existing bonds, while HK$30 million will be reserved as cash or cash equivalents to address further operational needs.

The company states that none of the placees will become substantial shareholders upon converting their holdings of the newly issued convertible bonds. The maturity dates for the existing bonds are December 9, 2025, and December 1, 2025, respectively.

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