Times China Holdings Limited released its quarterly progress report on 31 March 2026, detailing the implementation of action plans aimed at removing the auditor’s disclaimer of opinion linked to going-concern uncertainties for FY 2024 and FY 2025.

Offshore Debt Restructuring • The offshore holistic liability management plan, effective since 28 November 2025, has reduced leverage through mandatory bond conversions: – USD217.17 million zero-coupon mandatory convertible bonds (MCBs) were exchanged for 282.32 million new shares at HKD6.00 per share. – USD61.01 million zero-coupon MCBs were converted into 47.59 million new shares at HKD10.00 per share. Total debt cut via conversion: USD278.18 million.

• On 26 March 2026, Times China launched consent solicitations to bondholders to: 1) remove the 31 March 2026 sunset date for excluded offshore indebtedness; and 2) waive several actual or potential events of default on included offshore indebtedness.

• To conserve cash, the company capitalised accrued interest by issuing additional senior notes on 30 March 2026: – USD2.85 million 4.00% notes due 2029, – USD17.33 million 4.20% notes due 2032, – USD9.00 million 4.50% notes due 2033/2035. The USD29.18 million total was consolidated with existing notes, settling interest wholly in kind.

Onshore and Other Liability Measures • Management is evaluating an onshore debt restructuring for PRC borrowings and remains in active talks with lenders on renewals, extensions, or further restructurings.

Liquidity and Operations • The group is pursuing new financing at “reasonable cost” to meet near-term obligations and support project delivery. • Measures continue to accelerate property sales, speed up cash collection, curb administrative expenses, trim capital expenditure, and identify non-core asset disposals to bolster liquidity.

Outlook The board reiterated its commitment to the action plan and will issue further updates as progress is made toward resolving the auditor’s going-concern qualifications.