HK Asia Holdings completes convertible note subscription, issues shares

HK Asia Holdings Limited announced the completion of its subscription agreement and the issuance of convertible notes worth HKD33,750,000, initially announced January 20, 2025. With all subscription conditions met by May 23, 2025, subscribers fully exercised their conversion rights, resulting in the issuance of 75,000,000 conversion shares at an initial conversion price of HKD0.45 per share. The net proceeds, approximately HKD33,250,000 after expenses, will be allocated as previously disclosed in the company's circular. This action changes the shareholding structure, with the Subscribers now holding 65.21% of the company post conversion.