Pharmaron Beijing Co., Ltd. (PHARMARON) announced the successful completion of its RMB 2.18 billion (approximately USD 330.80 million) USD-settled zero-coupon convertible bond issuance due 2027. All conditions under the August 27 Subscription Agreement were fulfilled, and the bonds were issued to investors on 2 September 2026.

The bonds are convertible into H shares at an initial conversion price of HKD 36.08 per share, subject to customary adjustments. The Hong Kong Stock Exchange has approved the listing and dealing of the conversion shares, while trading of the bonds commenced on the Vienna MTF on 2 September 2026.

Net proceeds amounted to approximately USD 327.20 million after fees and expenses, implying a net price of about HKD 36.39 per potential conversion share. PHARMARON intends to deploy the funds as follows: 70% (USD 229.04 million) to accelerate the expansion of laboratory and contract development and manufacturing organisation (CDMO) services; 20% (USD 65.44 million) to refinance existing debt and strengthen the capital structure; and 10% (USD 32.72 million) for general corporate purposes and working capital.

Full conversion of the bonds would increase PHARMARON’s total share count from 1.84 billion to 1.91 billion, lifting H-share holdings from 358.11 million (19.51% of issued share capital) to 428.59 million (22.49%). The company confirmed that it will continue to meet public-float requirements after full conversion.

Regulatory clearances have been secured from the Hong Kong Stock Exchange and the Vienna Stock Exchange. PHARMARON will complete additional filings with relevant Chinese authorities, including the China Securities Regulatory Commission and the State Administration of Foreign Exchange, as required.