Hong Kong-listed Mindtell Technology Limited (MINDTELL TECH) announced on 28 April 2026 that all conditions for its convertible bond (CB) subscription agreement have been met, and completion occurred on 22 April 2026. The company has issued HK$28.60 million in principal amount of convertible bonds to Chairman Mr. Zhang Rongxuan under a specific shareholder mandate.

The bonds carry an initial conversion price of HK$0.55 per share, giving Mr. Zhang the right to convert into up to 52.00 million ordinary shares. Full conversion would expand Mindtell Tech’s issued share capital from 468.00 million to 520.00 million shares, representing dilution of existing holders by approximately 10.00%.

Impact on ownership structure:

• Mr. Zhang, currently holding no shares, would own 10.00% of the enlarged share base upon full conversion. • Delicate Edge Limited and King Nordic Limited—each controlling 98.28 million shares—would see their individual stakes fall from 21.00% to 18.90%. • Enernix Limited’s holding of 45.24 million shares would decline from 9.67% to 8.70%. • Public shareholders would move from 48.33% to 43.50%.

The company confirms it has no other outstanding convertible securities, options or warrants beyond this CB issue.