China Baoli Technologies Holdings Limited announced that it has entered into four subscription agreement for issue of convertible bonds for gross proceeds of HKD 12,000,000 on August 1, 2022. The transaction will include participation from Lei Yu Fei for HKD 5,000,000, Geng Juan for HKD 3,000,000, Better Choice Group Limited for HKD 2,000,000 and Ye Xin Lin for HKD 2,000,000. A total of 39,999,998 conversion shares will be allotted and issued by the company to the investors upon full conversion of the convertible bonds at the initial conversion Price of HKD 0.30 per conversion share.

The bonds carry 4% coupon rate with 3-year maturity. The transaction has been approved by board of directors of the company. The company will pay HKD 500,000 professional fees and other related costs and expenses incurred in the transaction.