China Success Finance Group Holdings Limited
announces the issuance of HKD154 million convertible bonds/ enters
into subscription agreement with
CCB international to strengthen leadership position
China Success Financial Group Holdings Limited (“China Success Finance” or the “Company”, together with its subsidiaries the “Group”, stock code: 3623.HK) is pleased to announce that it has entered into a subscription agreement with Chance Talent Management Limited, an wholly-owned subsidiary of CCB International (Holdings) Limited (“CCB INTERNATIONAL”), for the issuance of 2-year 6% convertible bonds with an aggregate principle amount of HK$154,000,000.
According to the subscription agreement, The Convertible Bonds are convertible into Shares at the initial Conversion Price of HK$2.20 per Conversion Share. The initial Conversion Price of HK$2.20 per Conversion Share represents a premium of approximately 50% over the closing price of HK$1.47 per Share as quoted on the Stock Exchange on 25 January 2018. Assuming full conversion of the bonds, the bonds are to be convertible into approximately 70,000,000 Shares, accounting for 11.65% of the fully diluted share base.
Mr. Zhang Tiewai, the Chairman and Executive Director of China Success Finance said, “The issuance of convertible bonds provides strategic support for our future development. It does not only broaden the channels of fund, strengthen business expansion, but also will raise our corporate position in the capital market. By integrating supports from governments, institutions, media and market, we would embrace business entities and infrastructures opportunities which can merge into and enhance our traditional business. Moreover, we are exploring the Hong Kong-Macau new cooperation model in order to take the vital practitioner role in the Greater Bay Area.