ASIARAY (01993) has announced that on November 2, 2026, the company entered into a subscription agreement with subscriber Space Management Limited, under which the subscriber conditionally agreed to subscribe for, and the company conditionally agreed to issue, perpetual subordinated convertible securities with a principal amount of HK$40 million, convertible into conversion shares at an initial conversion price of HK$0.455 per conversion share (subject to adjustment).

Assuming the conversion rights attached to the perpetual subordinated convertible securities are fully exercised at the initial conversion price, the company will issue a total of 87.912 million conversion shares, representing approximately 18.13% of the company's existing issued share capital and approximately 15.35% of the company's issued share capital as enlarged by the conversion.

The net proceeds from the issuance of the perpetual subordinated convertible securities will be approximately HK$39.7 million, intended to be used as general working capital of the group.