Sino-Ocean Group Holding Limited disclosed a net increase of 734.20 million ordinary shares in May 2026, lifting its issued share capital to 12.66 billion shares as at 31 May 2026. The entire expansion stemmed from conversions of the company’s six outstanding series of zero-coupon mandatory convertible bonds (MCBs).
Class A MCBs were the main driver, adding 704.51 million new shares after HKD 1.55 per-share conversions reduced the bond’s outstanding principal from USD 268.79 million to USD 129.15 million. Class B MCB conversions contributed 29.50 million shares, while 196.79 thousand shares originated from Class D MCB conversions. No shares were issued from Class C, the First Bilateral, or the Second Bilateral MCBs, although USD 69.20 million and USD 35.71 million of Class B and Class C principal, respectively, were cancelled during the month.
Post-transaction, the potential dilution remains significant: up to 1.43 billion additional shares could still be issued upon full conversion of the remaining MCB balances. Specifically, 651.59 million shares are still issuable under Class A, 481.65 million under Class B, 97.37 million under Class C, 110.74 million under Class D, and a combined 190.76 million under the two bilateral tranches.
The company confirmed compliance with the Hong Kong Stock Exchange’s 25% minimum public-float requirement. As of end-May, Sino-Ocean Group reported no treasury shares and no share option exercises. The 2018 Share Option Scheme retains 17.40 million options available for future grant, equivalent to roughly 0.14% of the enlarged share capital.
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