GCL Tech Completes US$148 Million 6.95% Convertible Bond Issue; Proceeds Total HK$1.14 Billion, Vienna MTF Listing Effective

Bulletin Express
05/07

GCL Technology Holdings Limited (“GCL Tech”) has finalised the issuance of US$148.00 million 6.95% guaranteed convertible bonds due 2027 under its general mandate. All conditions precedent were satisfied and settlement was completed on 7 May 2026. The bonds commenced trading on the Vienna MTF operated by the Vienna Stock Exchange the same day.

Net proceeds, after fees and expenses, amount to approximately HK$1.14 billion and are earmarked as follows: • HK$840.00 million (73.88%) for general corporate purposes, including working-capital replenishment and operating expenses. • HK$217.00 million (19.09%) to repay offshore term loans and related interest maturing in 2026. • HK$80.00 million (7.03%) to service interest on the newly issued bonds by 5 May 2027.

Conversion terms allow bondholders to convert at HK$1.21 per share, with a fixed exchange rate translating to 958.56 million new shares. Full conversion would expand the share count from 33.22 billion to 34.18 billion, giving bondholders 2.80% of the enlarged capital. The stake of Asia Pacific Energy Fund Limited would dilute marginally from 15.89% to 15.45%.

GCL Tech will complete the required post-issuance filings with the China Securities Regulatory Commission in accordance with prevailing regulations.

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