China VAST Industrial Urban Development Company Limited announced that it has entered into a convertible bond subscription agreement for a private placement of 6% guaranteed convertible bonds for gross proceeds of up to $123,275,892 (HKD 956,853,913.36) on June 28, 2021. The transaction will include participation from new investors, China VAST International Holdings Limited, China Jinmao Holdings Group Limited, Shing Cheong Holdings Ltd., Sheng Shi International (HK) Development Limited, and King Billion Corporation Limited. The bonds are convertible into common shares of the company at a fixed conversion price of HKD 3.05 per share.

The notes carry fixed interest rate of 6% per annum payable semi-annually in arrears. The notes carry maturity date of 36 months from the date of issue. The company will issue notes at par.

The notes are guaranteed, unsecured, and redeemable in nature. The completion of the transaction is subject to fulfillment of precedent conditions. The company expects to complete the transaction on the first business day after the fulfilment or waiver of the above conditions or on such shorter period as determined by the company.