CSSC SHIPPING (03877) plans to issue HKD 2.338 billion convertible bonds.

CSSC SHIPPING (03877) announced on January 21, 2026, that the issuer (CSSC Capital 2015 Limited), the company, and the agent entered into a subscription agreement, whereby the issuer agreed to issue bonds guaranteed by the company (23.38 billion Hong Kong dollars of 0.75% guaranteed convertible bonds due in 2031) to the agent (or as instructed by the agent). The agent individually and not jointly has agreed to subscribe and pay, or induce subscribers to subscribe and pay, the principal amount of 23.38 billion Hong Kong dollars for the bonds, subject to the fulfillment of certain conditions as specified in the subscription agreement. Assuming all the bonds are fully converted at the initial conversion price of HK$2.39 per share, the bonds may be converted into approximately 9.78 billion shares, equivalent to approximately 15.78% of the total issued share capital of the company as of the date of this announcement, and approximately 13.63% after the full conversion of the bonds and the enlarged issued share capital. After the issuance of the bonds is completed, the net proceeds from the issuance of the bonds will be approximately 23.22 billion Hong Kong dollars. The issuer intends to use the net proceeds for working capital and general corporate purposes, including but not limited to repaying existing loans, paying for vessel acquisition costs, and other borrowing costs.