Sino Splendid Holdings Limited announced that it has entered into the placing agreement pursuant to which the company has conditionally agreed to issue and the placing agent has conditionally agreed to procure, on a best effort basis, not less than six placees to subscribe for the convertible bonds with an aggregate principal amount of up to HKD 9,250,000 on May 23, 2022. The bonds carries interest of 1.5% per annum payable upon maturity or redemption. The period commencing from the execution of the placing agreement and expiring on the tenth business day after the date of the placing agreement.

The maturity date will be the date falling on the second anniversary of the issue date of the convertible bonds. The initial conversion price is HKD 0.10 per conversion share, which is subject to adjustment provisions. The convertible bonds are freely transferable by the in whole amounts or multiples of units of principal amount of the minimum denomination to any person, provided that no transfer of the convertible bonds to any connected person of the company shall be made without the prior written consent of the company.

At any time prior to the maturity date, the Company may elect to redeem all or any part of the convertible bonds. The transaction is therefore not subject to additional shareholders' approval as the conversion shares will be issued under the general mandate.