GLOBAL NEW MAT (06616) announced on December 15, 2025 (after trading hours) that it entered into a subscription agreement with joint lead managers HSBC Bank (Hong Kong) Limited and Deutsche Bank AG, Hong Kong Branch. Under the agreement, the company will issue convertible bonds with a total principal amount of HK$1 billion, while the managers conditionally agreed to subscribe or procure subscribers for the bonds, subject to the terms of the agreement.

The issuance price of the convertible bonds will be 100.00% of their principal amount, with each bond having a denomination of HK$2 million and increments in multiples of HK$1 million.

Assuming full conversion at the initial conversion price of HK$10.19 per share and no additional share issuance or repurchases, the bonds would convert into approximately 98.1354 million new shares, representing about 7.92% of the total issued shares as of the announcement date and approximately 7.34% of the enlarged share capital post-conversion.

The conversion shares will be fully paid and rank equally with existing shares. The company will apply for the listing and trading of the convertible bonds on Vienna MTF (or another internationally recognized exchange as determined by the company) and seek approval from the Hong Kong Stock Exchange for the listing of conversion shares.

Net proceeds are estimated at HK$981 million, which will be used for working capital, refinancing existing debt, and general corporate purposes.