Lingbao Gold to issue HK$1.166 bn convertible bonds for global expansion

Lingbao Gold Group Company Ltd. will issue HK$1,166 million in zero coupon convertible bonds due 2026 under a general mandate. These bonds are convertible into H Shares at an initial price of HK$17.83 per H Share. This represents a 16.0% premium over the last closing price of HK$15.37 on November 24, 2025, and a 15.18% premium over the five-day average closing price of HK$15.48.

The issuance, managed by CLSA Limited, aims to raise approximately HK$1,151.6 million in net proceeds. These funds are earmarked for mergers and acquisitions of overseas gold mining assets, replenishing working capital, and refinancing existing indebtedness.

Assuming full conversion, approximately 65,395,401 H Shares will be issued, representing 5.92% of the total issued H share capital as of the announcement date. The bonds are set to mature on or around November 29, 2026, and will be listed on the Vienna MTF. An application has also been made to the Hong Kong Stock Exchange for the listing of Conversion Shares.