Hailiang controlling shareholder stake diluted by convertible bonds

Zhejiang Hailiang's controlling shareholder, Hailiang Group, and its concert parties saw their combined equity stake passively diluted from 35.17% to 34.25% due to convertible bond conversions.

Between May 6 and August 4, 2025, 53.9 million shares were converted from the company's convertible bonds, raising total share capital from 2.0 billion to 2.05 billion shares. The controlling shareholder's actual number of shares remained unchanged.