Easyknit International Holdings Limited (1218) disclosed that on 25 November 2025, its indirect wholly owned subsidiary Goodco Development Limited entered into agreements to dispose of approximately 47.17% of the outstanding principal amount of a 5% coupon rate convertible note (2023 Convertible Note) issued by Eminence Enterprise Limited (616). The disposed principal amounted to HK$46,375,000, and the total consideration from the purchasers was HK$25,000,000, reflecting a premium of HK$3,125,000.
According to the announcement, three purchasers—two individuals, each paying HK$9,000,000 and HK$7,000,000 respectively, and Fast Upgrade Limited paying HK$9,000,000—acquired the relevant portion of the 2023 Convertible Note. Following this transaction, Easyknit anticipates a gain of approximately HK$3,125,000, which is based on the premium over the portion’s outstanding principal. The proceeds from the disposal are intended for general working capital, covering administrative expenses and repayment obligations.
The 2023 Convertible Note was originally issued in the principal amount of HK$209,000,000 and can be converted into Eminence shares at an adjusted price of HK$0.07 per share before its fifth anniversary on 19 February 2028. Between its issuance and the announcement date, HK$139,000,000 was redeemed, with a previous partial disposal of HK$23,625,000 conducted on 5 September 2025.
Eminence (616) is listed on the Main Board in Hong Kong, engaging primarily in property development, property investment, investment in securities, and loan financing. Eminence’s audited net assets were HK$2,814,785,000 for the year ended 31 March 2025 and HK$3,047,196,000 for the previous year. Easyknit currently holds approximately 8.11% of Eminence’s shares.
As one or more applicable percentage ratios (as defined under the Listing Rules) exceed 5% but are below 25%, the disposal—together with the previous disposal—constitutes a discloseable transaction under Rule 14.06(2) of the Listing Rules, subject to reporting and announcement requirements under Chapter 14 of the Listing Rules.