Kingsoft announces partial conversion of convertible bonds

Kingsoft Corporation (HKEX:3888) announced the partial conversion of its outstanding convertible bonds due 2025. On April 15, 2025, the company issued 10,123,667 new shares to bondholders who exercised their conversion rights at a price of HKD34.77 per share. The converted bonds represent approximately 11.35% of the initial principal amount. The newly issued shares represent about 0.75% of Kingsoft's total issued shares both before and after the conversion. Following this conversion, the outstanding principal amount of the convertible bonds is approximately HKD2,366 million, representing roughly 76.32% of the initial amount. The company stated it would provide further announcements regarding any future redemptions or cancellations of the bonds.