XTEP INT'L (01368) announced that as of the date of this announcement, the outstanding principal amount of the 2025 convertible bonds is HK$500 million. Assuming all outstanding 2025 convertible bonds are fully converted at the adjusted conversion price of HK$6.01 per share (as disclosed in the company's announcement dated October 30, 2025), these bonds could be converted into approximately 83.1947 million shares. On January 30, 2026, the company entered into a dealer agreement with the transaction dealer, pursuant to which the dealer was appointed to, among other things, assist the company in soliciting indications of interest from holders of the 2025 convertible bonds who are willing to sell their bonds to the company. Qualified bondholders who accept the invitation to offer their 2025 convertible bonds will be entitled to receive a repurchase price equivalent to 100.50% of the total principal amount of the 2025 convertible bonds, plus any accrued but unpaid interest on the bonds repurchased under the concurrent repurchase offer. As of the date of this announcement, the company has received commitments from qualified bondholders, through the transaction dealer, to sell to the company 2025 convertible bonds with a total principal amount of HK$500 million, representing 100% of the total outstanding principal of the 2025 convertible bonds. On January 30, 2026, the company entered into a convertible bond subscription agreement with the placing agent, under which the agent conditionally agreed to subscribe, or procure subscriptions (by itself or through its affiliates or sub-agents), for and pay for bonds to be issued by the company with a total principal amount of HK$500 million, subject to the terms and conditions of the subscription agreement. The issue price of the bonds will be 100% of their principal amount, with a denomination of HK$2 million per bond and in integral multiples thereof. Based on an initial conversion price of HK$6.37 per share and assuming full conversion of the bonds, they can be converted into a maximum of 78.4929 million new shares, representing approximately 2.80% of the company's current issued share capital as of the date of this announcement; the bonds are intended to be listed on the Vienna Stock Exchange. The net proceeds from the issuance are expected to be approximately HK$492 million. The company intends to use the net proceeds from the bond issuance to refinance the outstanding 2025 convertible bonds.