On 12, 19, and 21 November 2025, Tibet Water Resources Ltd. completed the allotment and issuance of 17,272,727 shares, 52,727,272 shares, and 37,272,723 shares, respectively, under partial conversions of HKD297,000,000 5% convertible bonds due 2026. Each allotment was made at HKD0.55 per share.

On 24 November 2025, the company also completed a full conversion of HKD138,000,000 8% convertible bonds due 2025, resulting in the issuance of 400,000,000 shares at HKD0.345 per share.

According to the announcement, the closing balance of issued shares (excluding treasury shares) on 24 November 2025 stood at 5,307,672,842, compared with 4,800,400,120 shares recorded on 31 October 2025.