HK Stock Market Move | Green Leaf Biotech (02186) fell by over 5% in intraday trading, with an affiliated issuance of exchangeable preferred shares that can be converted into 100 million shares of BOAN BIOTECH (06955).

Green Leaf Biotech subsidiary issued exchangeable preferred shares. As of press time, Green Leaf Biotech (02186) fell 3.58% to HK$2.96; BOAN BIOTECH (06955) fell 2.92% to HK$10.63. In terms of news, LUYE PHARMA announced that its wholly-owned subsidiary Luye Geneora issued 4.75% exchangeable preferred shares to independent third party Bluebell Asset, involving approximately US$150 million, which can be exchanged for up to approximately 100 million shares of BOAN BIOTECH according to the terms of the subscription agreement. The proceeds will be used for general operating purposes of the group. If all are exchanged, BOAN BIOTECH will no longer be a subsidiary of the company.