On December 23, 2025, MOBVISTA (01860) announced that the company received a conversion notice from PAGAC III Munich Holding (Cayman) Limited for the exercise of conversion rights. The notice converted bonds with a principal amount of USD 30 million and accumulated unpaid interest of USD 3,917,504 at a conversion price of HKD 5.54 per share. Pursuant to this conversion, the company will allot and issue 47,460,016 conversion shares to PAGAC III Munich Holding (Cayman) Limited. These conversion shares will rank equally in all respects with all other existing issued shares of the company.