Chuang’s Consortium International Limited (367) and Chuang’s China Investments Limited (298) jointly announced that they received or may receive new instruments issued by Times China Holdings Limited (1233), following an exchange of old notes under a restructuring effective on 28 November 2025.

According to the announcement, both companies exchanged their previous holdings of Times China notes for a new package comprising 4.50% notes due 2033 and mandatory convertible bonds (MCB) due 2027. The issuance size of these new notes is approximately US$400 million, carrying 4.50% interest per annum, payable semi-annually. The first five years’ interest is payable either in cash or payment-in-kind, at Times China’s election, and in cash thereafter. The mandatory convertible bonds are zero-coupon securities expected to convert into Times China’s ordinary shares at HK$10 per share by 31 March 2027.

Chuang’s Consortium and Chuang’s China confirm that no consideration was paid or received in these exchanges apart from the new instruments, which cover both the original note principals and related outstanding interest. Interested parties are referred to Times China’s public filings from 28 June 2024 to 28 November 2025 for further details on the restructuring’s terms and conditions.

Chuang’s China is an indirect non-wholly-owned subsidiary of Chuang’s Consortium, focusing on property development, investment, trading, hotel operations, cemetery development, and securities investments. Chuang’s Consortium is similarly engaged in property-related businesses, hospitality, cemetery operations, and securities trading. Times China is listed on the Main Board of the Stock Exchange (1233) and specializes in property development, urban redevelopment, and property leasing in mainland China.