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Xinming China to issue HK$300M of convertible bonds

Hong Kong-listed real estate developer Xinming China Holdings Ltd. plans to issue up to HK$300 million of two-year convertible bonds at a yearly interest rate of 6.5%, to raise funds for project developments and further investments.

The company and Xinxing Co. Ltd. entered into a subscription agreement with Chance Talent Management Ltd., a special purpose vehicle of CCB International (Holdings) Ltd., in relation to the entire issuance, subject to certain conditions.

The bonds will be converted for a price of HK$1.39 apiece into 215,827,338 new Xinming China shares, which correspond to roughly 11.49% of the company's existing issued share capital and 10.30% of its enlarged share capital, according to a filing. The shares will rank pari passu in all respects with the company's other existing shares and entitled to dividends and distributions.

The developer said it intends to apply for the listing of the conversion shares on the Stock Exchange of Hong Kong Ltd.