TANWAN (09890) rose over 8% in early trading. As of the time of writing, the stock was up 6.91%, trading at HK$17.01, with a turnover of HK$32.4998 million.
The surge follows the company's recent announcement of a plan to issue HK$468 million in zero-coupon convertible bonds. The initial conversion price is set at HK$23.50 per share, representing a premium of approximately 38.24% over the closing price of HK$17.00 per share on the last trading day before the agreement date.
The net proceeds from the bond issuance are expected to be approximately HK$458.6 million. These funds will be allocated towards investments in AI-related businesses and equity investments within the AI industry, aiming to accelerate the company's strategic positioning in the "AI+Game" sector.
The entire issuance of convertible bonds has been fully subscribed by the internationally renowned investment management fund, LMR Partners. Headquartered in London, LMR Partners maintains offices in New York, Hong Kong, Zurich, Dubai, Dublin, and Glasgow.
This collaboration with LMR introduces a long-term, stable, and high-quality international fund to the company. It is expected to help further optimize the capital structure and enhance TANWAN's recognition and influence in the global capital markets.
