China Carbon Neutral Development Group (HKG:1372) agreed to issue nearly HK$57.7 million worth of convertible bonds to Green Securities Group and Green Assets Management to offset debts owed to the subscribers, a May 30 Hong Kong bourse filing said.

The bonds are convertible into a maximum of 205,926,712 shares at HK$0.28 apiece. The shares represent 24.26% of the carbon asset manager's enlarged issued share capital.

The issue of the bonds, carrying a 5% per annum interest rate and falling due two years from issue, is subject to shareholder approval.