MMG (01208) climbed more than 5%, rising 5.13% to HK$6.57 with a turnover of HK$750 million as of press time.

On the news front, MMG announced that on September 29, 2025, the company entered into a subscription agreement with underwriters. Under the agreement, the company agreed to issue bonds with an aggregate principal amount of $500 million (zero-coupon convertible bonds worth $500 million due 2030), while the underwriters severally but not jointly agreed to subscribe and pay for such bonds, or procure subscribers to subscribe and pay for such bonds, subject to certain conditions set out in the subscription agreement.

Assuming full conversion of the bonds at the initial conversion price of HK$8.40 per share, the bonds will be convertible into approximately 463 million shares, representing about 3.81% of the company's total issued share capital as of the announcement date, and approximately 3.67% of the enlarged issued share capital following full conversion of the bonds.

Upon completion of the bond issuance, the company intends to use the net proceeds from the bond offering for refinancing the group's offshore debts.