Vanguard MedTech (00399) has executed the conversion rights attached to its convertible bonds originally issued on October 25, 2013. The company confirmed the issuance of 149 million new shares on July 15, 2025, resulting from this conversion. This transaction involved bonds with a principal value of HKD 30 million. Share conversion represents a strategic capital restructuring move for the Hong Kong-listed pharmaceutical firm, altering its equity structure while maintaining debt obligations.