China Modern Dairy (HKG:1117) has bought back and cancelled nearly $51.7 million of certain bonds from the open market as of Thursday, a same-day Hong Kong bourse filing said.

The repurchased bonds represent roughly 10.33% of the initial aggregate principal amount of $500 million of the bonds.

The bonds carry a 2.125% interest rate and will fall due in 2026. Following the cancellation, a little over $448.3 million, or 89.67%, of the bonds remain outstanding.