Chuang’s Consortium International Limited (367) and Chuang’s China Investments Limited (298) jointly announced that, as of 1 December 2025, their respective groups have been informed of the exchange of certain existing Times China notes for newly issued instruments (the Times China Notes Exchange), effective 28 November 2025.

Chuang’s China exchanged the US$9 million total principal and outstanding interest of its Old Times China Notes (6.60% due March 2023 and 5.55% due June 2024) for a package consisting of 4.50% notes due 30 September 2033 (the “New Notes”) plus mandatory convertible bonds (MCB) in a principal amount of approximately US$1.8 million. Chuang’s Consortium exchanged its US$3 million Old Times China Notes (5.55% due June 2024) for a similar package of New Notes (principal approx. US$3 million) and MCB (principal approx. US$0.6 million).

According to the announcement, the New Notes bear a 4.50% interest rate, payable semi-annually, with the issuer having the option to pay either in cash or payment-in-kind (PIK) for the first five years from 30 September 2025. From the sixth year onwards, all interest payments will be in cash. The New Notes mature on 30 September 2033, subject to the issuer’s right to extend by two years. The MCB, at 0% interest, carry a conversion price of HK$10 per share and mature on 31 March 2027, converting mandatorily to ordinary shares of Times China Holdings Limited at maturity if not converted earlier.

No consideration has been paid or received under this arrangement for either group. The exchange is part of the Times China Restructuring, and all relevant information, including principal terms and restructuring details, are available in the issuer’s announcements from 28 June 2024 to 28 November 2025.