TANWAN (09890) plans to issue HK$468 million zero-coupon convertible bonds maturing in 2027.

TANWAN (09890) announces that on December 18, 2025, the company, placement agent, and subscriber (LMR Multi-Strategy Master Fund Limited) have entered into an agreement regarding the subscriber's subscription of convertible bonds with a total principal amount of HK$468 million, subject to the conditions set out in the agreement. Assuming the convertible bonds are converted at an initial conversion price of HK$23.50 per share, the convertible bonds will be convertible into 19.9148 million new shares. The conversion shares will represent approximately 3.79% of the company's existing issued shares (excluding treasury shares). The initial conversion price of HK$23.50 per share represents a premium of approximately 38.24% over the closing price of HK$17.00 per share on the last trading day before the agreement date on the Stock Exchange of Hong Kong. The company will apply for the listing of the convertible bonds on the Vienna MTF operated by the Vienna Stock Exchange. The company will also apply to the Listing Committee of the Stock Exchange of Hong Kong for approval for the listing and trading of the conversion shares that may be issued after the conversion of the convertible bonds, and the company will comply with the rules of the China Securities Regulatory Commission and complete the filing work with the China Securities Regulatory Commission regarding the issuance of the convertible bonds. The total proceeds from the issuance of convertible bonds will be HK$468 million, and the net proceeds from the issuance of convertible bonds will be approximately HK$458.6 million. The group plans to use all net proceeds in accordance with the terms of the agreement for investments in AI-related businesses and equity investments in AI-related industries to accelerate the company's strategic layout in the field of "AI+ games," subject to compliance with applicable listing rules.