LUYE PHARMA (02186) announced that on December 12, 2025, the issuance of exchangeable preferred shares was completed in accordance with the terms of the subscription agreement. The issuer, Luye Geneora Holding Limited (a wholly-owned subsidiary of the company), has allotted and issued 1.5 million exchangeable preferred shares to the subscribers.

These exchangeable preferred shares can be swapped for existing shares of Boan Biotech held by the group and do not involve the issuance of any new shares by Boan Biotech. Based on the initial exchange price of HKD 11.718, the maximum number of Boan Biotech shares deliverable upon full exchange of all preferred shares would be 100,486,431, representing approximately 16.15% of Boan Biotech's total issued shares as of the announcement date.