Kangda International Environmental Co. Ltd. has announced a significant development in its ongoing merger and acquisition activities. On July 21, 2025, the company, together with the Joint Offerors, revealed that Mr. Duan, the holder of Exchangeable Bonds, has exercised his right to exchange these bonds for 546,728,004 shares of Kangda International, equivalent to approximately 25.55% of the total issued share capital of the company. This exchange was conducted at a price of HK$0.25 per share. The Exchangeable Bonds were initially issued under a Subscription Agreement, allowing Mr. Duan to exercise this right up to the last business day of the 36th month from the issue date, which was October 2, 2024.