GUSHENGTANG (02273) has announced that all conditions under the subscription agreement have been fulfilled. The issuance of convertible bonds with a total principal amount of $110 million was completed on February 12, 2026. Assuming full conversion of all bonds at the initial conversion price of HK$37.77 per share, based on the principal amount and any accrued interest from the last interest payment date up to the final day of the conversion period, a total of approximately 22.915 million new shares would be issued.