Zhi Sheng Group Holdings Limited announced a private placement on best effort basis of convertible bonds for gross proceeds of up to $8,000,000 (HKD 62,139,100) on June 2, 2021. The bonds carry a coupon rate of 4% per annum, payable semi-annually. The maturity date shall be the date falling 30 months from the date of issue of the convertible bonds. Unless previously redeemed, repurchased and cancelled or converted, any outstanding convertible bonds shall be redeemed at 122% of its principal amount on the maturity date. The bonds are unsecured in nature. The conversion price of initially HKD 0.5 per conversion share, a maximum of number of 124,800,000 conversion shares will be allotted and issued upon exercise of the conversion rights attached to the convertible bonds in full. Completion of the Placing shall take place within the third Business Days after the conditions have been fulfilled. The company shall reimburse the legal costs and other out-of-pocket expenses incurred by the placement agent.