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Beyond Steady completes subscription of 9% stake in Sunshine 100

Beyond Steady Ltd.'s subscription of 235,055,000 new Sunshine 100 China Holdings Ltd. shares for HK$3.10 per share was completed Dec. 28, following the satisfaction of relevant conditions.

The shares issued in respect to the subscription represent approximately 9.00% of Sunshine 100's entire issued share capital.

Sunshine 100 is expecting net proceeds of nearly HK$716.7 million from the transaction, which it intends to use for the establishment of new real estate-related businesses, general working capital, loan repayment and general corporate purposes.

As a result of the subscription, the conversion price for Sunshine 100's convertible bonds was also adjusted to HK$3.66 from HK$3.69, the company said in a filing.