LVGEM (China) Real Estate Investment Company Limited announced a subscription agreement of convertible bonds for gross proceeds of $20,000,000 (HKD 156,719,000) on May 11, 2023. The convertible bonds will be convertible into 78,500,000 new shares of the company, convertible at a price of HKD 2 per conversion share. The conversion shares represent approximately 1.54% of the existing issued share capital of the company and approximately 1.52% of the issued share capital of the company as enlarged by the issue of the conversion shares.

The convertible bonds will bear interest at 6.00% per annum and will due in 2025. The bonds are redeemable and guaranteed.