On August 27, PHARMARON fell 3.43% in regular trading, trading at HKD 29.54/share, with turnover of HKD 39.45 million.

On the news front, the company announced after market close on August 26 that it entered into a subscription agreement with HSBC to issue RMB 2.18 billion in USD-settled zero-coupon convertible bonds due August 2027. The initial conversion price is set at HKD 36.08 per H-share, representing a 16.76% premium to the August 26 closing price of HKD 30.90. If fully converted, the bonds would result in approximately 70.48 million new H-shares, equivalent to 3.70% of the enlarged issued share capital, triggering investor concerns over potential equity dilution.

The proceeds, estimated at approximately USD 331 million gross, are intended for business expansion, refinancing, and general corporate purposes. The bonds were subscribed by no fewer than six independent investors, with settlement tentatively scheduled for September 2. The broader CXO sector also traded weak, with WUXI XDC down 2.39%, WUXI BIO down 2.19%, and GENSCRIPT BIO down 2.04%, adding sector-wide headwinds.

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